Oil jumps 3%, gold falls as US-Iran nuclear talks break down

President Donald Trump has deemed Iran's latest peace proposal unacceptable. In response, Iran rejected the U.S. proposal, stating it would not formulate a plan solely to satisfy American demands. The breakdown in negotiations has impacted commodity and equity markets. WTI crude oil opened 3% higher today, while spot gold fell below $4,700 per ounce to around $4,680. Silver prices also declined by 1%, and futures for the three major U.S. stock indices are down approximately 0.3%.