Gold climbed toward $4,600 an ounce on Thursday, rebounding modestly from one-month lows as investors monitored geopolitical developments following reports that the US military would brief President Donald Trump on potential action against Iran. Trump also said the US would maintain its naval blockade on Iran until a nuclear agreement is reached, while Tehran accused Washington of attempting to force the country into submission through economic pressure and internal divisions. The prolonged Middle East conflict and the near-closure of the Strait of Hormuz continued to unsettle global markets, leading traders to dial back expectations for rate cuts this year and instead begin pricing in the possibility of a hike in 2027. Meanwhile, the US Federal Reserve left its policy settings unchanged as widely anticipated, although four officials dissented, highlighting increasing divisions over the policy outlook amid heightened uncertainty tied to the Iran conflict.