Gold slid in Asian morning trade as market sentiment weakened. ANZ research analysts said that although gold is traditionally a safe-haven asset, it has failed to withstand a large cross-market sell-off and is down more than 22% since late February after the outbreak of the Middle East conflict. They flagged rising US rate-hike expectations as an additional drag on the metal.

Riksbank Deputy Governor Seim said he needs reliable signs that rising global cost pressures are exerting a worrying effect on Swedish inflation before he would support a rate hike at the next meeting.

President Trump said Iran has told the US it has not sought or collected any transit, insurance or other fees from ships passing through the Strait of Hormuz, despite contrary media reports. He warned that if that proves untrue, negotiations will end immediately, and said the US has not provided Iran funds nor released Iranian assets. The US will unfreeze some Iranian funds under US control to buy US agricultural commodities — including corn, wheat and soybeans — citing Iran’s urgent need for food, with purchases to be sourced from US farmers and ranchers.