Market Overview

Gold prices rebounded on Monday as investors weighed progress in U.S.–Iran negotiations and the Federal Reserve’s hawkish outlook. Spot gold increased 1.1% to $4,204.34 per ounce by 05:28 ET (00:28 GMT), while U.S. gold futures rose 1.2% to $4,222.42. The metal had slipped 1.4% over the previous week and was emerging from three consecutive losing sessions.

Diplomatic Developments

Iranian Foreign Minister Abbas Araghi said “major progress” was achieved in the quadrilateral talks held in Switzerland, with mediators from Qatar and Pakistan confirming that negotiators had agreed on a roadmap toward a broader agreement. The diplomatic development eased concerns about a prolonged disruption to global energy supplies, contributing to lower Brent crude prices and reducing inflation worries.

Monetary Policy Constraints

Despite the geopolitical support, the upside in gold was limited by expectations that U.S. interest rates could stay elevated. The Federal Reserve’s last meeting maintained a hawkish bias and left the possibility of further rate hikes on the table amid persistent inflation risks. ING analysts noted that while geopolitical risks should continue to underpin bullion, a higher‑for‑longer U.S. rate environment may curb near‑term gains. The U.S. Dollar Index remained near a 13‑month high reached the previous week. Investors are awaiting the U.S. Personal Consumption Expenditures (PCE) price index later in the week for additional guidance on monetary policy direction.

Other Precious Metals and Base Metals

Among other precious metals, silver advanced 2.2% to $66.36 per ounce, and platinum surged 11% to $1,683.39 per ounce. Benchmark copper futures on the London Metal Exchange rose 0.9% to $13,719.70 a ton, while U.S. copper futures increased 0.6% to $6.37 a pound.

Reported Percentage Moves

The article also listed the following percentage changes: Gold Spot US Dollar +1.17%, Silver Spot US Dollar +2.28%, Dollar Index +0.02%, Gold Futures (GC) +1.30%, Copper Futures (HG) +0.63%, Crude Oil (LCO) –1.66%, Platinum Spot US Dollar +0.94%.