Gold slips below $4,400 as metals retreat broadly

Gold eased below $4,400 an ounce on Tuesday, reversing earlier gains amid a broad pullback across the metals market as investors locked in profits following a strong rally.

Metals also faced pressure from rising oil prices, which kept inflationary risks and interest rate concerns in focus.

The moves came as prospects for a new agreement between the US and Iran dimmed after President Donald Trump said he was not interested in extending the interim peace deal.

Meanwhile, gold continued to find support from fading expectations for a Federal Reserve rate hike following a string of weak US economic data.

Markets now expect the Fed to keep policy unchanged in September and are no longer fully pricing in a rate increase by year-end, unlike just a week ago.

Bullion also remained supported by stronger investment demand and continued central bank purchases, particularly from China.