Gold gained $72.30, or 1.80%, on Tuesday based on the most active August futures contract, marking the largest gain for the precious metal since July 2. Gold moved higher on hopes that a Middle East ceasefire may be forthcoming. On Monday, an Iranian official reported that Tehran had received a proposal from mediators for a 10-day ceasefire as part of Washington’s attempt to salvage its interim deal. This had a direct effect on rate hike expectations, increasing the odds of a rate hike this month from 16% yesterday to 26% today. Traders are now assigning a 15.8% probability that rates will be a full half-percent ... (full story)