Spot gold was little changed at $4,180.30 per ounce, as of 0435 GMT, but has lost 6% so far this month. US gold futures gained 0.8% to $4,212.70.

The dollar was headed for a monthly gain, making greenback-denominated metals more expensive for holders of other currencies.

The US personal consumption expenditures price index is due at 1230 GMT.

“The PCE data release will be an important test for gold as it could influence expectations for US monetary policy, and the direction of Treasury yields and the dollar,” said Tony Sage, CEO of Critical Metals.

“A softer reading would likely support gold and open the way for a return to the $4,200-4,300 range, while a hotter number could push yields and the dollar higher, putting renewed pressure on gold and testing the $4,100 level.”

Higher interest rates typically reduce gold’s appeal because the metal does not offer a yield.

According to the CME’s FedWatch Tool, traders see a 47% chance of a Fed rate increase in October and a 92% chance of a hike in December.

The US central bank raised rates by 25 basis points this month.

Oil climbs after Trump denies he is willing to ease sanctions on Iran

Meanwhile, New York Fed President John Williams said that Fed policymakers probably only need to deliver one more hike this year to get inflation back on track to the central bank’s 2% goal.

On the geopolitical front, Qatar said it hopes shuttle diplomacy between Tehran and Washington would yield a breakthrough, even after US President Donald Trump denied reports that he would ease sanctions and release frozen Iranian funds in return for nuclear concessions.

Spot silver fell 0.6% to $61.07, platinum fell 0.2% to $1,703.19 and palladium lost 0.2% to $1,220.61.

All three metals were poised for monthly declines.

Spot gold rose 0.4% at $4,130.58 per ounce, as of 0407 GMT, after hitting its lowest level since August 5 in the previous session.

US gold futures fell 0.2% to $4,162.20.

Geopolitical developments will “remain crucial for gold, as continued tensions could keep energy prices and yields elevated, while meaningful progress towards de-escalation could ease pressure,” said Christopher Tahir, senior market strategist at Exness.

US and Iranian officials spoke separately with mediators as part of a renewed effort to end seven months of war, according to officials of both countries.

Oil prices rose for a second successive session amid lingering concern over Middle East supply disruption.

Elevated oil prices can fuel inflation by increasing costs across the economy, potentially prompting central banks to raise interest rates. Gold tends to struggle in a high-rate environment as investors favour assets that generate interest.

Markets currently see a 72.5% probability of a Fed rate hike in October, according to the CME’s FedWatch Tool, compared with 57.6% a week ago.

Fed Governor Lisa Cook said she expects continued inflationary pressure in coming months stemming from AI-related demand and higher oil prices, though she stopped short of saying more rate hikes will be needed.

US consumer confidence and job openings data are due later in the day.

The week will also see numbers on ADP employment, PCE and nonfarm payrolls.

“Persistent price pressures combined with resilient activity would reinforce expectations that central banks need to remain restrictive, keeping yields elevated and leaving gold vulnerable to further losses,” Tahir added.

Among other metals, spot silver fell 0.9% to $60.42, platinum slipped 1.3% at $1,697.71 and palladium lost 0.8% to $1,205.27.

Spot gold was down 1.5% at $4,223.95 per ounce, as of 0117 GMT.

US gold futures fell 1.5% to $4,257.90.

“The high ​bond yields and high oil price tandem continues to act as a ​thorn in gold’s side.

Oil prices have risen on mixed signals about ⁠oil flows, which is keeping inflation front and centre for investors,“ said Tim ​Waterer, chief market analyst at KCM Trade.

Iran insisted that only diplomacy can solve its ​conflict with the United States and Israel, after US President Donald Trump said he rejected an Iranian proposal to reopen the Strait of Hormuz and end fighting. Oil prices rebounded more than ​1%.

The Fed raised rates earlier this month, lifting its target rate range by a ​quarter percentage point to between 3.75% and 4%.

Traders are pricing in a 66% chance of ‌a ⁠US rate hike in October, according to CME’s FedWatch Tool.

Higher energy prices can fuel inflation by raising costs across the economy. Gold is widely viewed as a hedge against inflation, but a high interest rate environment increases the opportunity cost of holding ​the non-yielding metal.

Investors will ​watch a run ⁠of US labour market and inflation data this week, including job openings, the ADP employment report, the Personal Consumption Expenditures (PCE) price ​index and nonfarm payrolls.

“Stronger-than-expected inflation or employment numbers could keep ​upward pressure ⁠on bond yields and weigh further on gold,” Waterer said.

Cleveland Fed President Beth Hammack said on Friday she is concerned that persistently high inflation risks conditioning the American public to ⁠accept elevated ​prices as the norm, adding the central bank ​cannot let that happen.

Among other metals, spot silver fell 2.6% to $62.64 per ounce, platinum was down 2.1% at $1,741.45 ​and palladium lost 2.1% to $1,239.95.

Spot gold ​rose 0.2% to $4,288.36 per ounce by 0200 GMT, but was down 2% ​so far this week.

US gold futures edged 0.6% higher to $4,323.10.

The ⁠dollar was headed for a weekly gain, making greenback-priced metals more expensive ​for holders of other currencies, while US Treasury yields extended gains.

“Focus will definitely continue ​to be on the interest rate situation. When we start to see markets pricing in a much more hawkish Fed, it strengthens the dollar and is negative for gold,” said ​Kelvin Wong, senior market analyst at OANDA.

Expectations of higher-for-longer US interest rates firmed ​after two Fed policymakers said additional hikes may be needed to curb unacceptably high inflation, following ‌last ⁠week’s quarter-point increase in the benchmark rate.“Returning inflation to 2% is a top priority, and I will support the policy path that gets us there while carefully weighing risks to the labour market along the way,” Philadelphia Fed President Anna ​Paulson said.

New ​York Fed President ⁠John Williams also suggested tighter monetary policy is coming.

Although gold is traditionally seen as a hedge against inflation, higher rates ​can curb its demand by increasing the appeal of yield-bearing ​assets.

“I remain ⁠very positive on gold for the rest of the year. Ongoing geopolitical friction and mounting sovereign debt are driving constant demand for safe-haven assets,” said Joshua Rotbart, ⁠founder of ​J. Rotbart & Co.

Spot silver slipped 0.1% to $63.81 per ​ounce, platinum climbed 0.5% to $1,756.90 and palladium fell 1.3% to $1,257.56. All three metals were poised for ​weekly losses.

Spot gold was down 0.1% at $4,281.98 per ounce, as of 0155 ​GMT. US gold futures for December delivery were little changed at $4,317.50.

“Investors are ​currently focused on the Fed’s higher-for-longer stance following last week’s ⁠rate increase, fluctuations in the US dollar and Treasury yields, and Middle East ​developments related to oil and energy supply risks,” said Ross Maxwell, chief strategy officer, ​VT Markets.

“A clearer signal of another rate hike would pressure gold lower.”

Oil prices edged lower as Iran said it remained open to diplomacy to end the US-Iran war, though the two ​countries remain far apart on ways to do so.

The US central bank last ​week increased its benchmark interest rate by 25 basis points to 3.75%-4.00%. Mounting inflation pressures and a strengthening ‌economy ⁠appear to be pushing the Fed towards a rate hike on the eve of critical national elections, with traders piling into bets on a second straight policy tightening in late October.

While gold is widely regarded as an inflation hedge, rising ​interest rates tend ​to diminish its ⁠appeal relative to interest-bearing investments.

Data on Wednesday showed that US business activity raced to a more than five-year high in ​September, though strong demand strained supply chains and pushed prices ​higher.

“In our ⁠baseline scenario, we expect precious metals to lack clear direction, although volatility is likely to remain high. Gold could continue to trade for a couple of quarters near ⁠an ​average of $4,200 per ounce,” Intesa Sanpaolo economist Daniela ​Corsini said in a note.

Among other metals, spot silver fell 0.6% to $64.07 per ounce, platinum rose 0.2% at $1,754.05 and ​palladium lost 0.1% to $1,260.70.

US gold futures for December delivery were up 0.2% at $4,383.10.

The dollar steadied near its strongest level in two months.

A firmer dollar makes greenback-priced bullion more expensive for overseas buyers.

“Short-term volatility in gold very much depends on how oil trades and the developments that happen in the Middle East.

However, long-term structural drivers for gold are still really strong,“ said Kyle Rodda.

While bullion is often seen as a safeguard against inflation, its appeal tends to wane when elevated rates boost returns on interest-bearing investments.

US President Donald Trump warned that he could annihilate Iran if there is no deal to end the war, but also suggested an agreement could come soon amid a diplomatic push at the United Nations.

Boston Federal Reserve President Susan Collins wrote in a Linkedin post that she supported the US central bank’s decision last week to raise interest rates in the face of risks that future inflation will be above the 2% target.

Collins, who is not a voting member of the rate-setting Federal Open Market Committee this year, did not say if she wants rates to go up again.

The Fed last week lifted its benchmark rate by 25 basis points to 3.75%-4.00% and signalled another increase could come before year-end.

The Bank of Japan and the European Central Bank have also raised rates recently.

Analysts at BMI maintained their 2026 gold price forecast at an average of $4,400 per ounce, noting that elevated geopolitical risks and continued central bank purchases are expected to ensure a strong floor under gold around the $3,800 level.

Among other metals, spot silver fell 0.6% to $66.70 per ounce, platinum lost 1% to $1,815.11 and palladium declined 0.5% at $1,301.60. ‑Reuters

Spot gold was little changed at $4,344.29 per ounce, as of 0151 GMT.

US gold futures ​steadied at $4,381.80.

Bullion is traditionally viewed as a hedge against inflation and geopolitical ​risks, but its appeal tends to wane in a high-interest-rate environment as ⁠investors favour yield-bearing assets.

With US economic data limited this week, investors will focus ​on comments from Fed officials for signs of whether the central bank is leaning toward ​another rate increase in October, as well as on crude oil prices, said Chris Weston head of research at Pepperstone.

“While crude has come modestly off its recent highs, a reversal higher that ​builds inflation expectations would only intensify the rates story, and gold would likely continue ​to face headwinds,” said Weston.

The Fed raised its policy rate by a quarter of a percentage ‌point ⁠last week and flagged more hikes in the coming months.

The US central bank will likely need to hike rates further to lower inflation resulting from strong demand as well as a commodity price shock that has moved beyond oil, St. Louis Fed President Alberto ​Musalem said, adding ​that it would be ⁠better for the Fed to act sooner than wait.

On the geopolitical front, Houthi fighters pushed to seize strategic heights in Yemen to ​cut off the Red Sea coast from remaining areas held ​by Saudi-backed ⁠forces, after a report that US President Donald Trump had called off American strikes on the group at the last minute.

Oil prices gained as the market steadied after several days ⁠of ​declines, with investors awaiting developments on potential US-Iran talks ​at the United Nations General Assembly this week.

Spot silver rose 0.3% to $66.19, platinum gained 0.3% to $1,792.76 and palladium ​climbed 0.3% to $1,305.10.

Spot gold fell 0.3% to $4,362.60 per ounce by 0417 GMT after hitting a one-week high on Friday.

US gold futures were down 0.6% at $4,400.20.

Iran and the United States exchanged new threats, with President Donald Trump warning Iran would fail economically or face its leadership being wiped out if it didn’t make a deal, and the Iranian military saying it would retaliate harshly to any fresh attack.

“The focus remains on geopolitics, oil and the reaction in bond yields. For gold to gain meaningful upside traction, a clear move lower in oil and/or bond yields is likely required,” said Tim Waterer, chief market analyst at KCM Trade.

“Gold may trade in a roughly $4,200 to $4,580 range in the near term.” Oil prices fell on hopes diplomacy in the Iran war will get a chance this week amid a UN meet and as investors eyed a partial recovery in shipments from Saudi Arabia despite ongoing attacks by Yemen’s Houthis.

The prospect of a new global rate-tightening cycle has come into focus as some of the world’s top central banks raise rates and signal more may be needed to tame inflation fuelled by the Iran war.

The Bank of Japan became the latest big central bank to tighten on Friday, following rate increases by the Federal Reserve earlier that week and the European Central Bank the week before.

Though gold is often seen as an inflation hedge, rising rates tend to curb its demand by making interest-bearing assets more attractive.

Analysts at Standard Chartered said in a note that gold remains volatile but continues to find firm downside support from official-sector demand.

They said structural drivers remain in place to lift prices, albeit at a slower pace.

Among other metals, spot silver rose 0.2% to $66.37, platinum fell 0.1% to $1,798.31 and palladium added 0.6% at $1,309.65.

Spot gold was up 0.2% at $4,346.65 per ounce, as of 0145 GMT.

US gold futures were down 0.3% at $4,385.70. Oil prices fell 1%, while the dollar remained subdued after retreating from recent highs.

A weaker dollar makes greenback-priced commodities less expensive for holders of other currencies.

The link between gold and oil could weaken if oil corrects sharply, easing inflation and rate-hike expectations, or if extreme escalation forces the world to counter recession, or if fiscal recklessness dominates the horizon over the rate channel, said Ahmad Assiri, research strategist at Pepperstone.

The Federal Reserve raised interest rates on Wednesday and flagged more hikes in the coming months.

Goldman Sachs kept its end-2027 gold price forecast at $5,400 despite the Fed rate increase, saying tighter policy is likely to slow bullion’s rally but not derail it.

Although gold is traditionally viewed as a hedge against inflation, higher rates can curb its demand by increasing the appeal of yield-bearing assets.

The Bank of England kept interest rates on hold on Thursday but warned they might have to go up.

The Bank of Japan is set to raise rates to a 31-year high on Friday and pledge to deliver more to counter inflation risks.

“This high-rates environment, in my view, caps near-term gold upside… However, if rising yields stem from deteriorating fiscal confidence, war-related spending and wider deficits, as opposed to rate expectations, a weaker dollar could accompany higher yields, possibly turning the relationship supportive for gold,” Assiri said.

Spot silver rose 0.7% to $65.61 and was headed for a weekly gain.

Platinum gained 1% to $1,785.80 and palladium added 0.2% at $1,294.41.

Spot gold was up 1.1% at $4,310.49 per ​ounce, as of 0149 GMT, after hitting a near six-week low on Wednesday.

US gold futures for ​December delivery were down roughly 1% at $4,348.70.

Oil prices fell, extending losses from the ⁠previous session, as reports of Saudi Arabia offering extra crude cargoes through Oman ​reduced fears of supply disruptions.

“Oil prices remain a key factor to watch. If oil prices ​continue to decline, that could support gold prices moving higher, at least from a medium-term perspective. Until that materializes, I expect gold to remain range-bound,” said Kelvin Wong, senior market analyst at OANDA.

The ​current uptick in gold is also largely driven by technical factors, with the ​Fed’s hawkish message already largely priced into the market, he added.

Although gold is considered an inflation hedge, higher ‌rates ⁠reduce its appeal by boosting the attractiveness of interest-bearing assets.

The Fed raised interest rates on Wednesday and flagged more hikes in the coming months, with new U.S. central bank chief Kevin Warsh joining a unanimous decision that effectively acknowledges the Trump administration’s inability so ​far to control ​inflation that policymakers worry ⁠could worsen.

Updated quarterly economic projections showed 16 of 18 policymakers anticipate at least one more quarter-percentage-point hike by the end of ​this year, with only two of them seeing rates remaining stable ​from here.

The Bank ⁠of England looks set to keep rates on hold on Thursday but investors are watching for any hint that higher energy prices could force it to follow the Fed’s ⁠example.

In the ​Middle East, Saudi warplanes pounded Yemen, the Houthis said, ​as the Iran-backed fighters solidified their gains after a lightning advance.

Spot silver rose 1.4% at $63.83, platinum firmed 1.6% to $1,780.55 ​and palladium climbed 2% to $1,295.00.

Spot gold was down 0.1% at $4,288.48 per ounce, as of 0143 GMT, after scaling a more than one-month low on ​Monday.

US gold futures for December delivery were also down 0.1% at $4,328.10.

Traders ​are now pricing in a 92.4% chance of at least a ⁠25-basis-point US rate hike later in the day, according to CME FedWatch. The ​policy decision will be followed by a press conference from Fed Chair Kevin Warsh.

“A ​hawkish Fed could further pull gold down, while any soft messaging may ease bets on hikes and help the metal recover. Traders are also monitoring oil prices and developments in the ​Middle East,” said Frank Walbaum.

Gold is ​often seen as an inflation hedge, but higher rates increase the opportunity cost of holding non-yielding ‌bullion.

The ⁠dollar held onto recent gains, and oil prices hovered above $100 a barrel.

A stronger dollar makes greenback-priced gold more expensive for holders of other currencies, while elevated oil prices add to price pressures.

On the geopolitical front, Saudi Arabia issued security alerts over ​a range of territory, ​including in the ⁠holy city of Makkah and the second-largest city, Jeddah, following a week of attacks from Iran-aligned fighters that have drawn it ​deeper into the Middle East war.

Commerzbank said it was somewhat ​surprising that ⁠gold prices had not come under greater pressure so far. It noted that gold’s resilience may be supported by persistent fiscal concerns, reflected in elevated long-term government bond yields, ⁠as ​well as a recent rise in U.S. political risks.

Among ​other metals, spot silver steadied at $63.67 per ounce, platinum edged 0.3% lower to $1,770.47, while palladium rose nearly ​1% to $1,301.61.

Spot gold was little changed at $4,300.96 per ounce, as of 0157 GMT, after hitting its lowest point since August 7 on Monday.

US gold futures were down 0.3% at $4,341.10.

The US central bank will announce its policy decision at 1800 GMT on Wednesday following the end of a two-day meeting.

Financial markets are betting heavily that Fed policymakers will lift their benchmark rate a quarter of a percentage point to a 3.75%-4.00% range.

“How Fed Chair Kevin Warsh frames that hike will matter more than the hike itself for gold… If he casts it as the start of a meeting-by-meeting tightening cycle, that would be a hit to gold and to risk assets overall,” IG market analyst Tony Sycamore said.

“If instead he signals a preference for a more measured pace, that would prove somewhat supportive for risk sentiment and for gold.”

Though seen as a hedge against inflation and geopolitical risks, gold often loses appeal when rates increase as they raise the opportunity cost of holding non-yielding bullion.

Data on Friday showed US consumer prices accelerated in August, while a key measure of underlying inflation posted its largest increase in four months.

On the geopolitical front, Yemen’s Iran-aligned Houthis launched a fresh wave of attacks on Saudi Arabia and were digging into positions on the western coast of Yemen along the Red Sea.

Oil prices rose on concerns over supply disruptions.

Meanwhile, US 10-year Treasury yields hit the key psychological level of 5% on Monday for the first time since October 2023.

The milestone is a threshold that analysts say could ripple through the US economy and threaten the bull market in stocks by denting the relative appeal of US equities.

Spot silver edged 0.1% higher to $63.28, platinum lost 0.1% at $1,757.46 and palladium fell 0.7% to $1,283.61.

Spot gold slipped 0.3% to $4,334.31 per ounce by 0330 GMT after posting a third consecutive weekly decline on Friday.

US gold futures dropped 0.8% to $4,375.00.

“Gold isn’t finding conditions to its liking. Rising energy prices plus climbing rate expectations ahead of the Fed and BoJ meetings are delivering a clear yield headwind for gold,” said Tim Waterer, chief market analyst at KCM Trade.

“In the meantime, dips should still find buyers as an uncertainty hedge while geopolitics and rate policy remain fluid.”

Reinforcing expectations that the Fed will raise interest rates, data last week showed US consumer prices accelerated in August, while a key measure of underlying inflation posted its largest increase in four months.

Traders are pricing in about an 86.5% chance of a US rate hike at the central bank’s policy meeting on Tuesday and Wednesday, up from about 67% prior to inflation data last week, according to the CME FedWatch Tool.

The BOJ is also widely expected to raise rates on Friday, as persistent inflation and resilient economic growth have raised the prospect of further rate hikes by major central banks, amid rising energy prices and little sign of easing tensions in the Middle East.

Although gold is typically seen as an inflation hedge, higher interest rates tend to reduce the appeal of non-yielding bullion.

Oil prices jumped more than 2% on Monday after fresh Houthi strikes on Saudi Arabia and Iranian attacks on ships in the Gulf compounded supply concerns following the closure of a key Saudi oil pipeline. Middle East diplomacy appeared to falter after a meeting between Iran and other Gulf states was postponed.

Among other metals, spot silver slipped 0.7% to $64.02 per ounce, platinum steadied at $1,796.90, and palladium was little changed at $1,298.80.

Spot gold was up 0.2% at $4,324.79 ​per ounce, by 0020 GMT, but down more than 2% for the week so far. U.S. ⁠gold futures for December delivery were down 1% at $4,364.70.

The US inflation report ​is due at 1230 GMT.

Data on Thursday showed that Producer Price Index for final ​demand rose 0.4% in August after an upwardly revised 0.1% gain in July.

Following which, traders nudged up bets that the Fed will raise interest rates at its meeting next week and spot gold ​subsequently fell nearly 2%.

“A stronger-than-expected reading would reinforce the case for several ​interest rate increases, potentially pushing Treasury yields and the dollar higher and placing additional pressure ‌on ⁠gold,” said Wael Makarem, financial markets strategists lead, Exness.

“Ongoing Middle East tensions could continue to weigh on gold through higher inflation expectations.”

Despite gold being known as an inflation hedge, rising interest rates often pressure the metal, which offers no ​yield.

Houthis seized control ​of Yemen’s port ⁠city of Mocha and advanced down the Red Sea coast to strategic islands, military sources said, hours after US President Donald ​Trump said he expected the Iran war to end after ​the ⁠midterm elections.

Oil prices rose and both major benchmarks are on track to end the week at over $100-a-barrel level for the first time since mid-May.

Among other metals, spot ⁠silver fell ​0.3% to $63.39 and has lost more than ​4% for the week.

Platinum eased 0.2% at $1,773.93 while palladium lost 0.3% to $1,278.51, with both metals headed for weekly ​declines.

Spot gold was up 0.3% at $4,412.84 per ounce, as of 0234 GMT.

US gold futures for December delivery ​fell 0.1% to $4,457.10.

“For now, the geopolitical developments in the Persian gulf are of ​secondary importance to gold. Gold instead is teeing off on a ⁠weaker dollar, which notably is not moving up despite the fact that US ​rates are going higher,” Marex analyst Edward Meir said.

The US dollar remained subdued, making ​dollar-priced metals less expensive for holders of other currencies.

The US producer price index data is due at 1230 GMT, and consumer inflation figures are scheduled for release on Friday.

The Fed will hold its ​interest rate steady at its September 15-16 meeting and for the rest of ​this year, again defying market expectations for a series of hikes, according to a majority of ‌economists in ⁠a Reuters poll.

The CME FedWatch Tool showed markets pricing in a 60% chance of a U.S. rate increase this month. Higher rates generally make non-yielding assets less attractive to investors.

Gold is supported “as US fiscal pressures continue to undermine confidence in the long-term value ​of government debt ​and the currency used ⁠to finance it,” Daniel Hynes, senior commodities strategist at ANZ, said in a note.

Last month, total US debt topped $40 trillion for the ​first time, drawing fresh warnings that a fiscal crisis is ​brewing.

On the ⁠geopolitical front, Iran said on Wednesday it had attacked 10 ships near the Strait of Hormuz after the U.S. sank five Iranian oil tankers, in the biggest wave of attacks ⁠on shipping ​by both sides since the start of the ​six-month-old war.

Among other metals, spot silver rose 0.2% to $67.42 per ounce, platinum fell 0.6% to $1,885.02 and palladium gained ​0.2% to $1,355.50.

Spot gold was up 0.6% at $4,381.32 per ounce, by 0505 GMT.

US gold futures lost 0.3% to $4,424.70.

The US dollar remained muted, making dollar-priced metals more affordable for holders of other currencies.

“In the gold market, there is a tug of war in the short term between the bulls and the bears.

We may see this kind of movement until the end of this week, when the CPI report is released,“ said Kelvin Wong, senior market analyst at OANDA.

“While expectations of a hawkish Fed weigh on gold, the dollar debasement trade and concerns about fiscal deficits remain supportive for prices.”

Markets are awaiting US producer price index data due on Thursday, with consumer price index data set to follow on Friday.

Iran’s Revolutionary Guard said it fired ballistic missiles at a base in Jordan used by the US military and attacked 10 ships, after the US said it had destroyed five Iranian oil tankers, in a sharp escalation of the six-month-old war.

Brent crude prices jumped for a fourth consecutive session.

Rising crude prices tend to put upward pressure on inflation, as higher energy costs filter through the broader economy.

According to the CME FedWatch Tool, traders see about a 60% chance that the Federal Reserve will raise interest rates at its upcoming policy meeting.

Although gold is widely regarded as an inflation hedge, elevated rates weigh on the appeal of non-interest-bearing bullion.

“Precious metals face a near-term test, but another major selloff is unlikely,” said Kelly Xu, a commodities strategist at Alpine Macro.

“Physical market tightness remains a key issue, while structural supply deficits could persist amid inelastic mine production and ongoing demand from electrification, electronics and AI-related infrastructure, providing fundamental support for silver over the longer term.”

Spot silver gained 0.9% to $66.31, platinum rose 1.1% to $1,833.58, while palladium fell 0.1% to $1,347.82.

Spot gold was up 0.6% at $4,429.89 per ounce, as of 0208 GMT.

US gold futures for December delivery ​were little changed at $4,475.10.

The US dollar index ticked 0.4% lower, making ​greenback-priced metals more affordable for other currency holders.

“Gold remains locked in ⁠a battle between buyers and sellers, with neither party showing enough conviction ​to drive a sustained and persistent directional move,” said Chris Weston, head of ​research at Pepperstone Group.

The US producer price index data is due on Thursday, and the consumer price index data is scheduled for Friday.

Spot gold fell in the previous two sessions ​after data showed US job growth accelerated sharply in August, while the unemployment ​rate held steady at 4.1%, suggesting an improvement in the labor market.

According to the CME ‌FedWatch ⁠Tool, traders currently see a 60% chance of a rate hike at the Fed’s policy meeting next week. Elevated rates tend to reduce the appeal of non-yielding gold.

“We don’t see gold falling back too much if and when ​the central bank does ​raise rates. ⁠More important than the rate move is the notion that markets are somewhat uneasy about what the Fed and the ​Treasury are signalling,” Marex analyst Edward Meir said in ​a monthly ⁠note.

On the geopolitical front, Iran threatened the United States with “economic warfare” and said it had fired an advanced missile at US warships, underscoring the risks of further escalation ⁠in ​the war only days after both sides traded ​blows again.

Among other metals, spot silver gained 1% at $66.78 per ounce, platinum rose 0.4% at $1,834.00, and ​palladium firmed 1% to $1,402.87.

Spot gold was down 0.5% ​at $4,405.47 per ounce, as of 0211 GMT, after falling 1% on Friday.

US gold futures for ​December delivery were down 0.5% at $4,452.20.

Data on Friday showed US job growth accelerated ⁠sharply in August while the unemployment rate held steady at 4.1%, suggesting an improvement ​in the labour market after recent struggles and keeping a rate increase this month ​on the table.

U.S. producer price index (PPI) data is due on Thursday, followed by consumer price index (CPI) data on Friday.

“The jobs number delivered a clear upside surprise and put some pressure on the ​metal, but it wasn’t a complete slam dunk for a September rate hike. ​

The real missing piece of the puzzle arrives this week with U.S. CPI,“ said Tim Waterer, ‌chief market ⁠analyst at KCM Trade.

“A strong inflation print would reinforce expectations of a Fed hike, lift yields further and weigh more heavily on gold.”

Traders are pricing in a 58.4% chance of a rate hike at the Fed’s September 15-16 meeting, CME’s FedWatch tool ​showed.

While gold is typically ​viewed as an ⁠inflation hedge, higher interest rates tend to weigh on the appeal of non-yielding bullion.

US President Donald Trump said on Friday that unless ​the Fed cuts interest rates, he would stop trading with ​countries with ⁠which the United States had a deficit.

On the Middle East front, Iran said it will step up efforts to tackle problems created by US sanctions that are crippling its economy, ⁠while a ​senior Iranian official warned of a “painful response” if ​it comes under further attack.

Among other metals, spot silver eased 0.2% at $66.03 per ounce, platinum lost 0.8% at $1,805.53 and ​palladium declined 0.7% to $1,396.08.

Similarly, 10-gram gold was sold at Rs402,208 after it increased by Rs3,344, according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

On Thursday, gold price per tola reached Rs465,236 after an increase of Rs11,200 during the day.

The international rate of gold was up by $39 to reach $4,466 per ounce (with a premium of $20).

Meanwhile, the price of silver increased by Rs117 to reach Rs7,161 per tola.

Spot gold held its ground at $4,477.10 per ounce, as of 0211 GMT. ​

Prices jumped 2% on Thursday as traders scaled back expectations for a ​September rate hike after Fed Governor Christopher Waller said he would support leaving ⁠rates unchanged if data continued to show inflation pressures moderating.

US gold futures for ​December delivery fell 0.4% to $4,522.60.

Traders are pricing in an about 50% chance of a ​Fed rate hike later this month, according to the CME FedWatch Tool.

The US nonfarm payrolls report is due at 1230 GMT.

“Weak figures and a rise in unemployment could weaken the case for ​a rate hike. In this case, gold could recover. However, the metal could remain ​exposed to changing sentiment, with inflation data releases coming next week,” said Ross Maxwell, global strategy ‌operations ⁠lead, VT Markets.

“The market continues to benefit from central bank demand, which could limit the extent of any decline.”

Though gold is often viewed as an inflation hedge, elevated interest rates tend to weigh on the non-yielding asset.

Data on Thursday showed the number ​of Americans filing claims ​for unemployment benefits rose ⁠marginally last week amid low layoffs, pointing to stable labour market conditions.

Meanwhile, US Vice President JD Vance said the fighting between the ​U.S. and Iran was not a war and declined to ​provide a ⁠timeline for when the conflict would be over, underscoring the challenge the Trump administration faces as the hostilities enter their seventh month and midterm elections loom.

Among other metals, spot ⁠silver fell ​0.3% to $66.78 per ounce but headed for a ​weekly gain. Platinum lost 0.8% to $1,811.28 and palladium declined 0.4% to $1,415.75, with both metals on track for slight ​weekly declines.

Spot gold rose 0.5% to $4,409.97 per ounce by 0219 GMT after hitting a near one-month low in the ​previous session.

US gold futures gained 0.9% to $4,455.30.

The US dollar was under pressure while ​US Treasury yields slipped from multi-year highs. A softer dollar makes ⁠greenback-priced metals less expensive for holders of other currencies.

Key US nonfarm payrolls data is ​due on Friday.

Meanwhile, the ADP National Employment Report showed US private payrolls increased moderately in ​August.

“The payrolls report will probably be the biggest defining moment of the week. If the jobs report misses expectations, and September rate hike bets decline, that could see gold move higher,” said Ilya Spivak, ​head of global macro at Tastylive.

“If prices get over the $4,400 level they’re currently in, ​we are going back in the direction of $4,500 and then $4,700.”

Markets are currently pricing in a 62% probability ‌of ⁠a U.S. rate hike this month, the CME FedWatch Tool showed.

U.S. economic activity increased modestly, employment rose slightly, and prices increased moderately in recent weeks, according to a mixed report published on Wednesday by the Fed that may do little to convince central bank policymakers ​one way or another ​as they weigh whether ⁠to raise interest rates at their September 15 to 16 meeting.

Gold is traditionally seen as an inflation hedge, but higher rates increase ​the opportunity cost of holding the non-yielding asset.

On the geopolitical front, top ​aides to ⁠US President Donald Trump are pushing to keep the Iran war from escalating before November’s midterm elections to staunch Republican electoral losses, four people familiar with the discussions said.

White ⁠House officials ​will consider ramping up military action after the ​November 3 vote, the sources said.

Among other metals, spot silver rose 0.6% to $65.74, platinum climbed 0.6% to $1,770.88 and palladium ​firmed 0.6% to $1,354.00.

Spot gold was down 0.6% ​at $4,304.01 per ounce by 0017 GMT, its lowest since August 7.

Prices were ​headed for a fourth straight session of losses and remained below ⁠the 200-day moving average, a closely watched technical level.

US gold futures for December delivery ​fell 1% to $4,350.80.

The US dollar held firm, making greenback-priced metals costlier for buyers using ​other currencies.

The US launched a barrage of airstrikes against Iran on Tuesday, prompting Iranian retaliation, in the most serious escalation in weeks.

Oil prices rose for a third straight session, while US Treasury yields ​advanced.

“A rebound in oil prices after renewed US-Iran tensions added to inflation concerns.

A ​pricier crude could continue to tighten monetary policy expectations and drive yields higher, limiting any rebound potential ‌for ⁠gold,“ said Bas Kooijman, CEO and asset manager of DHF Capital S.A.

Although gold is seen as an inflation hedge, higher interest rates weigh on its appeal as it offers no yield.

Traders are pricing in a 67% chance of a rate hike at the ​Federal Reserve’s policy meeting ​this month, according ⁠to the CME FedWatch Tool.

Fed Governor Michael Barr said if inflation does not cool quickly, it will be time for the central bank ​to raise rates. Last week, Fed Chairman Kevin Warsh nodded to ​the prospect ⁠of a rate hike.

The ADP employment report is due later in the day and the more crucial nonfarm payrolls data is due on Friday.

“Softer figures could ease the pressure on ⁠gold, while ​stronger data or more hawkish Fed comments may ​extend the decline,” Kooijman said.

Among other metals, spot silver lost 1% to $63.60 per ounce, platinum edged 1% lower ​to $1,722.23 and palladium fell 1.4% to $1,292.21.

Spot gold was down 0.3% at $4,437.10 per ounce by 0235 GMT, after hitting its lowest level since ​August 19 in the previous session.

US gold futures edged up 0.1% to $4,485.30.

Key US data ​this week include job openings, the ADP employment report and nonfarm ⁠payrolls data that will be scrutinised for clues on labour market health and the interest rate ​outlook.

Spot gold scaled a more than three-month high last week before tumbling more than ​3% on Friday after Chair Kevin Warsh said the Fed will “have work to do” if policymakers don’t get the confidence they need that inflation is heading down to 2%.

Gold has been pressured by “Fed Chair Warsh’s ​hawkish Jackson Hole speech, plus fresh tensions in the Strait of Hormuz which has ​brought with it higher oil prices and raised inflationary expectations,” IG market analyst Tony Sycamore said.

“One ‌hike ⁠in isolation should not be a game changer for gold. Two or three might be,” he added.

Traders currently see a 66% chance of a U.S. rate hike in September and an 89% probability in December, according to the CME FedWatch Tool.

While gold is considered ​a hedge against inflation, ​higher rates typically ⁠weigh on the metal by boosting the appeal of yield-bearing assets.

U.S. President Donald Trump told reporters in the Oval Office that he ​has a lot of respect for Warsh and that “he’ll do what ​he has ⁠to do” on interest rates.

Meanwhile, Trump threatened further strikes against Iran on Monday after the first exchange of direct attacks in a month, raising tensions in a conflict that had ⁠recently shifted ​into an economic standoff. Oil prices rose for a ​second straight session.

Among other metals, spot silver gained 0.3% at $66.34 per ounce, platinum edged 0.1% higher at $1,793.03, while palladium ​was flat at $1,356.75.

Spot gold fell 0.8% to $4,417.04 per ounce by 0406 GMT, hitting its weakest level since August 19.

Prices dropped more than 3% on Friday.

US gold futures declined 1.4% to $4,466.80.

“Gold is still licking its wounds after the hawkish tone struck by Warsh at Jackson Hole.

US military action in Iran has put upward pressure on oil prices, and this has added to gold’s woes from an inflation standpoint,“ said Tim Waterer, chief market analyst at KCM Trade.

Though viewed as a hedge against inflation, gold typically loses appeal in a rising interest rate environment as it does not yield interest.

The Fed will “have work to do” if policymakers don’t get the confidence they need that inflation is heading down to 2%, Warsh said on Friday at the Jackson Hole economic symposium, coming closer than he has to acknowledging rate hikes may be needed.

Markets currently see a 60% chance of a Fed rate hike in September, according to the CME FedWatch tool.

Iran’s energy hub of Kharg Island is being blown to smithereens, US President Donald Trump said on social media, after forces hit two rocket launchers on another island in the first known American strikes on the Islamic republic since late July.

Oil prices were up more than 2%.

A series of US labour market reports is due this week, including job openings, the ADP employment report, weekly jobless claims and nonfarm payrolls data.

“NFP has the potential to either extend gold’s post-Jackson Hole softness or provide the catalyst for a short-covering bounce,” Waterer said.

Spot silver fell 0.4% to $66.10, platinum declined 1.3% to $1,797.03 and palladium slipped 2.5% to $1,386.96.

BMI said silver prices were likely to stay near current levels, supported by steady investment demand and constrained mine supply, while easing physical tightness and softer demand would limit further gains.

In Pakistan, gold per tola price stood unchanged at Rs483,036.

Similarly, 10-gram gold was sold at the same rate of Rs414,125, according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

On Thursday, gold price per tola reached Rs483,036 after a decline of Rs3,500 during the day.

The international rate of gold was also unchanged on Friday at $4,605 per ounce (with a premium of $20).

However, the price of silver increased by Rs180 to reach Rs7,509 per tola.

Spot gold fell 0.5% to $4,576.30 per ounce by 0157 GMT after hitting a more than three-month high earlier this week following the US Treasury’s announcement of support measures ​for long-duration bonds. US gold futures eased 0.8% to $4,629.00.

The case for Warsh to ​lean hawkish is greater than the case for him not to, ⁠and that could see gold retreat further from its cycle highs in the near ​term, said Matt Simpson, a senior analyst at StoneX.

“But I suspect any such dip will ​be viewed favourably by bulls who missed out on the first phase of the rally - and are keen to have another crack at $5,000,” he said.

Fed officials shared their concerns about the U.S. inflation landscape ​on Thursday, as central bankers gathered in Jackson Hole.

Their comments came a day ​after data showed that the Personal Consumption Expenditures price index, the Fed’s main inflation gauge, stood at ‌3.7% in ⁠the 12 months through July.

Fed Chair Warsh is scheduled to speak later in the day.

Traders see a 33.9% chance of a US rate hike in September and a 74% chance by December, according to the CME FedWatch tool.

Despite its role as an inflation ​hedge, gold tends to ​lose appeal in ⁠a high interest rate environment as it offers no yield.

Gold remains supported by improving participation in exchange-traded funds and futures, along ​with concerns over US fiscal credibility and continued official-sector buying, though ​risks of ⁠a consolidation persist, OCBC precious metals strategist Christopher Wong said in a note.

“We remain constructive (on silver), though a cleaner extension higher likely requires renewed weakness in yields, US dollar and ⁠a ​decisive break above the $70.60-$72 resistance area,” he said.

Spot silver ​fell 1% to $68.54 per ounce and palladium declined 0.8% to $1,339.84.

Platinum was down 0.6% at $1,834.83, on track for ​a weekly loss.

Spot gold was up 0.8% at $4,630.09 per ounce, by 0232 GMT.

US gold futures rose 0.7% to $4,685.50.

The dollar-debasement narrative, ​coupled with concerns about the US budget deficit, remains supportive of gold ​in the medium term, said Kelvin Wong, a senior market analyst ⁠at OANDA.

Gold prices rose more than 5% last week after the US Treasury’s move ​to expand purchases of older long-dated bonds.

This announcement prompted dollar-debasement fears.

Fed Chair Warsh’s remarks ​at the annual Jackson Hole symposium in Wyoming are expected to be closely watched for further direction.

“The market is awaiting the speech for greater clarity on how the Fed will navigate the ​current economic landscape. If he does not provide specific forward-looking monetary policy guidance, ​current market pricing for rate hikes is likely to remain largely unchanged,” Wong added.

Markets are assigning ‌a ⁠36.5% probability to a September U.S. rate hike and a 72.7% chance by December, according to the CME FedWatch Tool.

Data on Wednesday showed that annual U.S. inflation unexpectedly held steady in July, well above the Fed’s 2% target for the 65th straight month, ​and the pause ​in the decline ⁠from a recent Iran-war-induced peak is likely to add to the central bank’s tense debate over whether interest rates should be ​lifted or held steady.

Gold is considered a hedge against geopolitical ​and economic ⁠risks, but higher interest rates can diminish its appeal as it pays no interest.

On the geopolitical front, Qatar’s prime minister will visit Tehran to relaunch diplomacy after the U.S. and ⁠Iran ​traded recriminations over Washington’s promise to increase economic ​pressure on Tehran by targeting its trade partners for sanctions.

Spot silver gained 1.7% to $69.28, platinum rose 1.1% to $1,848.57 ​and palladium firmed 0.5% to $1,334.49.

Spot gold eased 0.3% to $4,642.74 per ounce, by 0410 GMT.

Prices climbed to their ​highest since mid-May on Tuesday after last week’s sharp gains following the US ​Treasury’s bond buyback announcement.

US gold futures rose 0.1% at $4,700.70.

The Fed’s preferred ⁠inflation gauge, the US Personal Consumption Expenditures (PCE) price index for July, is due at ​1230 GMT.

Attention is also on Fed Chairman Kevin Warsh’s speech on Friday at ​the central bank’s Jackson Hole symposium.

“For gold, the most supportive outcome would be softer-than-expected inflation combined with a dovish or balanced message from Warsh, reinforcing expectations for lower real yields and reducing the ​opportunity cost of holding a non-yielding asset,” said Wael Makarem, financial markets strategists ​lead at Exness.

“A renewed deterioration in confidence around US fiscal sustainability could also be important (for gold), particularly ‌given ⁠the recent Treasury buyback plans and their impact.”

Earlier this month, data showed an unexpected decline in U.S. nonfarm payrolls and in-line consumer inflation, tempering expectations of a September rate hike.

Traders are pricing in a 61.6% chance that the Fed will leave rates ​unchanged next month, according ​to the CME ⁠FedWatch Tool.

On the geopolitical front, Iran said it had restarted talks with neighbour Oman to manage the Strait of Hormuz, sending oil ​prices lower.

The global economy has weathered the Iran war energy shock ​better than ⁠feared, International Monetary Fund Managing Director Kristalina Georgieva said.

However, she raised concerns about deteriorating fiscal conditions in some countries.

Spot gold may retest a resistance at $4,681, a break above which ⁠may ​trigger a gain into the range of $4,707 to $4,743, according ​to Reuters technical analyst Wang Tao.

Spot silver gained 0.9% to $69.26, platinum rose 0.4% to $1,865.09 and palladium ​firmed 1.3% to $1,343.75.

Spot gold was up 0.4% at $4,668.19 per ​ounce, as of 0146 GMT, after hitting its highest since May 14 earlier ​in the session. US gold futures rose 0.6% to $4,724.50.

Gold has continued higher, ⁠with the return of the debasement trade last week fuelling the latest leg of ​the gains, IG market analyst Tony Sycamore said.

“Looking ahead, we expect dips in gold to ​be well supported from buyers looking for gold to make its way towards the next upside resistance at $4,900/$5,000,” he said.

Prices rose sharply last week after the US Treasury Department said it would double ​the size of liquidity support buyback operations for longer-dated notes and bonds. The announcement ​spurred currency debasement fears.

“These US dollar debasement fears should see gold be well-supported in the coming weeks, as ‌the ⁠Fed has not been sending a clear signal it is ready to fight higher inflation,” TD Securities said in a note.

While gold is widely regarded as an inflation hedge, elevated interest rates can curb bullion demand by increasing the opportunity cost of holding the ​non-yielding asset.

Fed Chairman Warsh’s ​debut speech at ⁠the annual Jackson Hole conference this week has taken on added weight as traders and analysts look for guidance about the recent ​jump in bond yields and for reassurance of his independence from ​the Trump ⁠administration.

The US Personal Consumption Expenditures report, the Fed’s preferred inflation gauge, is due on Wednesday.

On the geopolitical front, Iran promised to retaliate against expanded US economic sanctions that Washington said would ⁠cut off ​Iran’s economic lifeline.

Tehran expressed confidence that major trading ​partners would resist the pressure campaign.

Among other metals, spot silver gained 0.3% to $69.16 per ounce, platinum rose 0.4% ​to $1,883.93 and palladium firmed 0.2% to $1,359.00.

Similarly, 10-gram gold was sold at Rs417,640 after it increased by Rs3,601, according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

On Saturday, gold price per tola reached Rs482,936 after a gain of Rs5,700 during the day.

The international rate of gold was up by $42 to reach $4,646 per ounce (with a premium of $20).

Meanwhile, the price of silver remained stable at Rs7,379 per tola.