Spot gold rose 0.4% to $4,734.84/oz and futures 0.3% to $4,744.81/oz amid a US‑Iran diplomatic setback.
Brent crude jumped 3% to $104.28 per barrel while the US dollar firmed, limiting gold's upside.
Traders await April US CPI and PPI data, with Deutsche Bank forecasting headline CPI +0.58% and core +0.39%, which could influence Fed policy.
President Donald Trump criticised Iran’s proposal, adding geopolitical tension that may affect commodity markets.