Gold gains as hopes for diplomatic progress with Iran weigh on markets

US Representative Tim Burchett said on Wednesday he was not concerned about a House-passed measure seeking to limit President Donald Trump’s war powers regarding Iran, saying it was unlikely to advance in the Senate.

Burchett said Democrats brought the measure to a vote when several Republican lawmakers were absent. “It won’t go anywhere in the Senate, I am not really worried about it,” he posted on X.

Burchett also said the United States should ensure Iran’s uranium stockpile is secured, adding, “We better get that uranium out of the ground or they will be using it on us over there, so we will see what happens.”

Israel Ambassador to US, Yechiel (Michael) Leiter said on Wednesday Israel and Lebanon share an interest in reducing Iran’s influence in the region, following the announcement of a US-brokered ceasefire framework between the two countries.

“What today’s outcome reiterates: Israel and Lebanon want Iran out of our region,” Leiter posted on X. “Together, we will work to make sure that Iran and its terror proxies won’t continue to wreak havoc on our lives in the name of terror and destruction.”

Iranian Foreign Minister Abbas Araghchi said on Wednesday that "no tangible progress" been made in negotiations with the United States aimed at ending the regional conflict, according to remarks carried by IRGC affiliated Tasnim News.

Araghchi said communication channels with Washington remain open and messages have been exchanged regarding the need to halt attacks on Beirut. However, he said the diplomatic process had yet to produce concrete results.

A US F-15E Strike Eagle shot down over Iran in April was likely hit by a Chinese-made shoulder-fired missile, according to media reports citing US officials. The National Interest reported this in an article published on Wednesday.

NBC News reported, citing three people familiar with the matter, that investigators believe the aircraft may have been struck by a Chinese-manufactured man-portable air defense system (MANPADS).

China denied supplying military assistance to Iran, with its embassy rejecting what it called “groundless smears and ill-intentioned associations.”

US intelligence officials however reportedly assessed that Beijing may be preparing to transfer additional air defense systems to Tehran through third parties, though details of any such transfers remain unclear, the report added.

The United States, Israel and Lebanon agreed to a ceasefire framework during the fourth round of US-led trilateral talks held on June 2–3, 2026, according to a joint statement released on Wednesday.

The agreement stipulates that the ceasefire is contingent on a complete halt to Hezbollah fire and the withdrawal of all Hezbollah operatives from the South Litani sector. It also outlines plans to establish pilot zones where the Lebanese Armed Forces would assume exclusive control, excluding all non-state actors.

The statement said the steps are intended to pave the way toward a broader security and peace agreement between Israel and Lebanon, with all sides committing to continued negotiations under US mediation.

All parties also condemned regional instability and Iran’s activities in the Middle East, including support for proxy groups, according to the statement.