"The latest easing of tensions comes at a time when rates markets are readying for the Fed to deliver a hawkish surprise to markets," said commodity strategists at TD Securities. "While the yield curve may be bringing back whispers of a looming recession that could re-ignite investor interest in gold, ETF flows have not historically been strongly associated with the yield curve during a hiking cycle. This suggests that the strong ETF inflows have rather been associated with safe-haven appetite, which leads to downside risks as the negotiators continue to work towards a ceasefire."