Gold edged lower due to the possibility of a technical pullback.

Gold fell slightly in early trading, possibly due to a technical correction, after the nearby gold futures contract on the New York Mercantile Exchange rose 1.7% overnight. Spot gold fell 0.1% to $1,835.85 per ounce. Frank Walbaum of Naga said in an email that Tuesday's rise was due to positive diplomatic signals between the US and Iran, which raised hopes for resolving issues in the Strait of Hormuz. The market analyst said this has suppressed oil prices and eased concerns about inflation. The analyst added, "Looking ahead, the direction of gold will depend on the evolution of geopolitical negotiations."