Gold Up to $4,195 on US‑Iran Talks
Spot gold increased 0.8% to $4,194.83 an ounce by 22:35 ET (02:35 GMT), and U.S. gold futures rose 0.9% to $4,211.66. The metal had slipped 1.4% over the previous week, ending three consecutive sessions of losses. Silver advanced 1.6% to $66.03 per ounce, while platinum gained 0.3% to $1,671.60 per ounce.
The rebound was underpinned by reports from Iran’s foreign ministry that “good progress” was made in quadrilateral talks with the United States in Switzerland, with mediators from Qatar and Pakistan indicating agreement on a roadmap toward a broader accord. The diplomatic head‑way eased concerns about a prolonged disruption to global energy supplies, contributing to a moderation in Brent crude prices after earlier gains.
Lower oil prices reduced inflationary pressure expectations, which in turn supported bullion by tempering fears that energy‑driven price spikes could force the Federal Reserve into a more aggressive tightening cycle. Nevertheless, the upside for gold remained constrained as markets digested the Federal Reserve’s recent meeting, where policymakers maintained a hawkish stance and kept the possibility of further rate hikes on the table amid persistent inflation risks. ING analysts noted that while geopolitical risks continue to provide underlying support, a higher‑for‑longer U.S. rate environment may limit near‑term upside.
The U.S. Dollar Index held firm near a 13‑month high reached the previous week, adding further pressure on precious metals. Investors are awaiting the U.S. Personal Consumption Expenditures (PCE) price index later in the week for additional clues on the trajectory of monetary policy.