Spot gold was down 0.6% at $4,184.33 per ounce, ​as of 0211 GMT.

The contract was down 0.9% so far this week.

US gold ​futures for August delivery fell 1% to $4,202.10.

Markets in mainland China and Hong ⁠Kong were closed for the Dragon Boat Festival holiday.

The dollar hovered around a one-year ​high, making greenback-priced bullion more expensive for other currency holders.

“Gold’s rally on the back of the ​US-Iran peace deal proved short-lived. The resurgent dollar, powered by the Fed’s newly hawkish tone under Kevin Warsh, has stolen the spotlight,” said Tim Waterer, chief market analyst at KCM Trade.

“The new Chairman’s firm stance has ​effectively neutralised the geopolitical tailwind, reminding everyone that monetary policy still calls the shots.”

Nine ​of the US central bank’s 19 policymakers now believe they will need to raise the policy rate this year, ‌according ⁠to projections published on Wednesday after the Fed announced its decision to leave the policy rate unchanged in Kevin Warsh’s debut policy meeting as chairman.

Inflationary pressures stemming from the Iran war have prompted a growing number of central banks to either raise borrowing costs or signal ​moves to tame price ​growth.

Traders now see ⁠an 87% chance of a US rate hike in December, jumping from 61% prior to the Fed decision, according to the CME FedWatch ​Tool.

Gold tends to lose appeal when rates are high, as it ​does not ⁠yield interest.

Goldman Sachs expects gold prices to rise to $4,900 per ounce by December, lower than its earlier forecast of $5,400, as the bank doesn’t expect a Fed rate cut this year anymore.

On the geopolitical ⁠front, ​oil tankers sailed through the Strait of Hormuz and ​the US said it lifted its blockade on Iran on Thursday.

Spot silver fell 1.5% to $64.83 per ounce, platinum lost 1.3% ​to $1,674.47, and palladium was down 0.8% at $1,268.65.

Spot gold was up 1.4% at $4,316.42 per ounce, as of 0242 GMT, after declining 1.7% on Wednesday. ​U.S. gold futures for August delivery fell 1% to $4,336.70.

“It’s a bit of short ​position unwinding (in gold) given yesterday’s steep fall and the reason for the ⁠short unwinding is also due to the positive news coming out from the Middle ​East, which has caused oil prices to fall,” said Kelvin Wong, a senior market analyst ​at OANDA.

The United States and Iran released the text of their interim agreement on Wednesday, with US President Donald Trump threatening to resume attacks and kill Iranian officials if they failed to honour their commitments.

The ​14-point agreement extends the ceasefire announced in April by another 60 days to allow the two ​sides to negotiate a final truce.

Gold steady as investors await details of US-Iran peace deal

Oil prices fell, reversing gains made on Wednesday after Trump said he ‌could ⁠resume his bombing campaign if Iran’s leaders “don’t behave”.

Elevated oil prices stoke inflation concerns and raise expectations of higher interest rates. Gold tends to lose appeal when rates are high, as it does not yield interest.

“I expect gold prices to remain muted on the upside, given ​the fact that market ​participants now have ⁠repriced a higher possibility of the Federal Reserve to kind of kickstart an interest rate-hike cycle,” Wong said.

Nine of the US central ​bank’s 19 policymakers now believe they will need to raise the policy ​rate this year, ⁠according to projections published on Wednesday after the Fed announced its decision to leave the policy rate in its current 3.50%-3.75% range.

Traders now see an 85% chance of a US rate hike ⁠in ​December, jumping from 61% prior to the Fed decision, ​according to the CME FedWatch Tool.

Spot silver rose 1.8% to $69.18 per ounce, platinum gained 1.2% to $1,757.53, and palladium was ​up 1.3% at $1,329.99.

Fundamentals

Spot gold was up 0.4% at $4,348.93 per ounce, as of 0107 GMT. US gold futures for August delivery rose 0.3% to $4,368.40.

Details began to emerge of the US and Iran’s interim agreement to ​end the war in the Middle East, with US President ⁠Donald Trump saying it will rule out a nuclear weapon for Tehran ​and a US official saying it allows Iran to sell oil upon ​signing.

The memorandum of understanding signed this week, though yet to be made public, extends a tenuous ceasefire announced in April by another 60 days to allow the ​warring countries to negotiate a permanent truce.

Investors now await the Federal ​Reserve policy decision and remarks, the first under Chair Kevin Warsh, later in the day, ‌with ⁠rates widely expected to remain unchanged.

A majority of Fed policymakers now feel they will need to keep US short-term borrowing costs on hold all year, projections due out on Wednesday are expected to show, with a small ​number seen penciling ​in a rate ⁠hike to stop a spike in inflation from getting entrenched in the economy.

A record 45% of the ​reserve managers surveyed by the World Gold Council expect ​to increase their ⁠own institutions’ gold holdings over the next 12 months, the international organization said on Tuesday.

Spot silver rose 0.4% to $70.47 per ounce, platinum gained 0.9% ⁠to $1,819.45, and ​palladium was up 0.6% to $1,360.32.

Fundamentals

Spot gold was up 0.1% at $4,311.36 ‌per ounce, as of 0049 GMT, after rising over 2% on Monday to hit its highest level since June 5.

US gold futures for August delivery were down 0.4% ​at $4,332.60.

US President Donald Trump said on Monday a preliminary agreement to ​end the war in the Gulf has been signed by the ⁠U.S. and Iran, though details have yet to be made public and ​both countries said a permanent truce is yet to be negotiated.

The agreement ​would extend a tenuous ceasefire announced in April by another 60 days and reopen the Strait of Hormuz, which Tehran has effectively blocked since the U.S. and Israel attacked Iran ​in February.

Major stock indexes and bond prices rallied, while oil futures settled ​at a three-month low on Monday.

Citi raised its 0-3 month gold price forecast by $500 to $4,500 ‌per ⁠ounce, citing that risk sentiment is likely to turn higher more broadly.

Investors now await the Federal Reserve policy decision and remarks, the first under Chair Kevin Warsh, on Wednesday, with rates widely expected to remain unchanged.

India’s silver imports plunged ​87% in May ​from a year ⁠earlier to their lowest level in more than three years, government data showed on Monday, after the world’s largest consumer ​of the metal tightened curbs on imports in nearly ​all forms.

Singapore will establish an over-the-counter gold clearing system and introduce central bank gold-vaulting services, the deputy prime minister said on Monday, as the city-state looks to establish itself ⁠as ​a gold trading hub.

Spot silver fell 0.4% ​to $69.74 per ounce, platinum lost 0.4% to $1,761, and palladium was down 1.3% to $1,331.59.

Spot gold was up 2% at $4,304.11 per ounce, as of 0122 GMT, hitting its highest ​level since June 9. U.S. gold futures for August delivery rose 2% to $4,325.20.

US and ​Iranian officials said on Sunday they had agreed on a framework to end their ⁠war, halt the U.S. blockade of Iran and reopen the Strait of Hormuz.

The pact ​will be officially signed on Friday in Switzerland, Pakistani Prime Minister Shehbaz Sharif said in a ​post on X.

The US dollar fell to a 10-day low, making greenback-priced bullion cheaper for other currency holders, while oil prices slipped more than 4%.

“Lower oil prices and a softer dollar, stemming from reduced geopolitical risk ​and the anticipated reopening of the Strait of Hormuz, are helping to calm inflation expectations,” ​said Tim Waterer, chief market analyst at KCM Trade.

“This combination is providing the precious metal with its best ‌tailwind ⁠in recent weeks, though sustainability will depend on how durable the peace agreement proves to be.”

Gold prices have fallen about 20% since the start of the US-Israeli war against Iran in late February.

The effective closure of the Strait of Hormuz has led to a sharp increase ​in global oil prices, ​stoking inflation concerns and ⁠raising expectations of interest rates staying higher for longer.

Though traditionally seen as an inflation hedge, gold loses appeal in a high interest-rate environment ​as the opportunity cost of holding the non-yielding asset increases.

Markets have scaled ​back expectations ⁠for a US interest rate hike in December to 47% after the peace deal, down from 69% last week, according to the CME FedWatch tool.

“Currency debasement concerns, fiscal risks and ongoing geopolitical fragmentation ⁠continue ​to underpin long-term demand (for gold). A moderation in energy-led ​inflation could help these themes regain traction,” OCBC said in a note.

Spot silver rose 3.1% to $70.07 per ounce, platinum gained ​3.1% to $1,771.27 and palladium climbed 3.3% to $1,325.76.

Similarly, 10-gram gold was sold at Rs379,880 after it increased by Rs3,933, according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

On Friday, gold price per tola reached Rs439,966 after a gain of Rs7,250 during the day.

The international rate of gold was up by $43 to reach $4,219 per ounce (with a premium of $20).

Meanwhile, the price of silver increased by Rs200 to reach Rs7,279 per tola.

Similarly, 10-gram gold was sold at Rs375,947 after it increased by Rs6,525, according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

On Thursday, gold price per tola reached Rs432,716 after a decline of Rs9,720 during the day.

The international rate of gold was up by $72 to reach $4,175 per ounce (with a premium of $20).

Meanwhile, the price of silver increased by Rs190 to reach Rs7,079 per tola, a new all-time high.

Fundamentals

Spot gold was down 0.3% at $4,200.82 ‌per ounce, as of 0101 GMT, and was set for a weekly loss of 2.8%.

US gold futures for August delivery rose 2.6% to $4,222.10.

Gold fell ​to an over six-month low on Thursday before closing higher ​at $4,219.69 as US President Donald Trump called off planned ⁠military strikes on Iran and signalled an imminent peace deal.

President ​Donald Trump on Thursday said the United States and Iran could sign ​a peace deal as soon as this weekend that would reopen the Strait of Hormuz to shipping, but Iran countered that it had not reached a final ​decision on an agreement.

US producer prices increased more than expected in ​May, leading to the largest annual gain in 3-1/2 years as the Middle East ‌conflict ⁠drove up the cost of energy products.

Traders are currently pricing a 60% chance of a US rate hike in December, according to the CME Group’s FedWatch tool.

While gold is seen as a ​hedge against inflation, ​higher interest rates ⁠tend to weigh on the non-yielding metal.

DBS Group, Singapore’s biggest bank by assets, said on Thursday ​it will offer tokenised physical gold to retail customers as ​demand for ⁠the precious metal grows and the city-state pushes to become a gold trading hub.

Spot silver fell 0.4% to $67.11 per ounce, platinum gained ⁠0.3% to $1,724.45, ​while palladium rose 1% to $1,281.75.

Fundamentals

Spot gold was ‌down 0.2% at $4,063.87 per ounce, as of 0043 GMT, after hitting its lowest level since November 21 earlier in the day.

US gold futures for August ​delivery were down 1.1% at $4,086.50.

The United States began a ​fresh round of strikes against multiple targets overnight in Iran, the ⁠US military said on Wednesday, hours after President Donald Trump ​vowed new attacks if no peace deal is secured.

Oil prices climbed ​more than $2 on Thursday, as Iran declared the closure of the Strait of Hormuz following the US strikes.

Elevated crude oil prices can accelerate inflation, and ​while gold is seen as a hedge against inflation, higher interest ​rates tend to weigh on the non-yielding metal.

Data showed that US consumer inflation increased ‌at ⁠its fastest pace in three years in May, boosted by surging prices for energy products amid the Middle East conflict, and giving more ammunition for the Federal Reserve to keep interest rates unchanged into ​2027.

Markets are ​awaiting the May ⁠US Producer Price Index data, due later in the day, to further assess the Fed’s monetary policy ​stance.

Ivory Coast’s gold output is expected to ​reach 62 ⁠metric tons in 2026, up from 59.33 tons in 2025, as established mines expand operations, the West African country’s director general of mines told Reuters.

Spot ​silver fell 0.9% to $63.15 per ounce, platinum ​lost 0.6% to $1,655.06, while palladium gained 1% to $1,225.25.

Spot gold lost 1.8% to $4,187.59 per ounce by 0230 ​GMT, hitting its lowest level since March 23. U.S. gold futures for ​August delivery were down 1.7% at $4,213.40.

The dollar rose, making greenback-priced bullion ⁠more expensive for holders of other currencies.

Oil prices rose 1%, stoking concerns ​around inflation and cementing expectation that interest rates would stay higher for longer.

“The driver ​really is the shift in Federal Reserve policy expectations, the rise in yields, and the rise in the dollar. I think all of those things are weighing on gold,” said Ilya ​Spivak, head of global macro at Tastylive.

The United States on Tuesday launched strikes against ​Iran after President Donald Trump said Tehran had shot down a U.S. Apache helicopter in the ‌Strait ⁠of Hormuz, deepening doubts over a potential peace deal and further straining a fragile truce.

Traders are now pricing in a more than 70% chance of a Federal Reserve interest rate hike by December, according to the CME FedWatch tool.

While gold is ​seen as a hedge ​against inflation, higher ⁠interest rates tend to weigh on the non-yielding metal.

Markets are awaiting key U.S. inflation reports this week, including the May Consumer ​Price Index data later in the day and the Producer ​Price Index ⁠reading on Thursday, to gauge the Fed’s monetary policy stance.

“If we can break the $4,100 level, I think the path of resistance fundamentally changes for gold, and we might ⁠be ​starting to look at $3,500 as the next level into ​the end of the year,” Spivak said.

Spot silver fell 1.5% to $64.43 per ounce, platinum dropped 2.8% to $1,678.10, ​and palladium fell 0.8% to $1,212.31.

Similarly, 10-gram gold was sold at Rs389,534 after it increased by Rs2,547, according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

On Monday, gold price per tola reached Rs452,222 after a decline of Rs3,094 during the day.

The international rate of gold was up by $28 to reach $4,326 per ounce (with a premium of $20).

Meanwhile, the price of silver increased by Rs141 to reach Rs7,314 per tola.

Fundamentals

Spot gold was down ‌0.3% to $4,462.22 per ounce, as of 0049 GMT. It has fallen about 1.6% for the week so far.

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U.S. gold futures for August delivery fell 0.4% to $4,489.

The Iran-backed Hezbollah ​rejected a new ceasefire in Lebanon and Israel said it would not ​withdraw troops from the country, undermining U.S. President Donald Trump’s efforts ⁠to halt fighting there to forge peace with Tehran.

Kansas City Federal ​Reserve President Jeffrey Schmid said on Thursday that the U.S. central bank’s choice now ​is between being patient and holding interest rates steady or hiking rates to tamp down inflation that has been above target for years.

Meanwhile, San Francisco Fed President Mary Daly said the ​U.S. interest-rate path will depend on how the economy evolves, adding that monetary policy ​is “in a good place” and the Fed is prepared to respond “either way.”

While gold is ‌seen ⁠as a hedge against inflation, higher rates tend to weigh on the non-yielding metal.

Investors are now awaiting the May U.S. nonfarm payrolls data, due later in the day, to gauge the Fed’s monetary policy path.

India’s physically backed gold exchange-traded ​funds (ETFs) recorded their ​first net monthly outflow ⁠in a year in May, as investors booked profits following a sharp rise in prices triggered by higher import duties, ​data showed on Thursday.

Physical investment is set to replace jewellery ​as the ⁠largest component of gold demand for the first time this year due to double-digit losses in jewellery amid high prices, consultancy Metals Focus said in its annual report.

Spot ​silver fell 0.6% to $73.45 per ounce, platinum dropped ​1.3% to $1,876.58, and palladium slid 1.5% to $1,301.25. All metals were headed for a weekly loss.

Similarly, 10-gram gold was sold at Rs402,335 after it increased by Rs1,305, according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

On Wednesday, gold price per tola reached Rs467,762 after a decline of Rs8,600 during the day.

The international rate of gold was up by $14 to reach $4,468 per ounce (with a premium of $20).

Meanwhile, the price of silver decreased by Rs97 to reach Rs7,797 per tola.

Spot gold was up 0.7% at $4,464.69 per ounce, as of 0408 GMT.

US gold futures for August delivery gained 0.6% to $4,491.70.

The dollar eased, making greenback-priced bullion more affordable for holders of other currencies.

“Gold’s gains are still very much at the mercy of oil and the dollar. It only moves higher when they pull back, making it highly dependent on positive US-Iran headlines for any sustained momentum,” said Tim Waterer, chief market analyst at KCM Trade.

Israel and Lebanon agreed to implement a ceasefire to end hostilities, the Trump administration said on Wednesday, boosting hopes for a broader deal to end the Iran conflict.

The Republican-led US House of Representatives approved a resolution to block US President Donald Trump from continuing the war against Iran, reflecting growing concern among members of his party about the three-month-old conflict.

Oil prices eased on Thursday, as the ceasefire between Lebanon and Israel boosted hopes of a US-Iran peace deal.

Elevated oil prices can accelerate inflation and keep interest rates higher for longer.

While gold is seen as a hedge against inflation, higher rates tend to weigh on the non-yielding metal.

New York Federal Reserve President John Williams noted that he does not expect upside risks to inflation caused by the war in the Middle East to be long-lasting and reiterated there was no need at this time to change US monetary policy.

“I don’t think we’ve seen the end of the bull run, but it is clearly time for a shakeout in general. So I anticipate choppy trade as we head into the year end, with a slight upwards bias of around $5,000,” said Matt Simpson, a senior analyst at StoneX.

Spot silver rose 1% to $73.44 per ounce, platinum gained 1% to $1,878.50, and palladium added 0.6% to $1,309.68.

Fundamentals

Spot gold fell 0.2% to $4,476.50 ‌per ounce by 0103 GMT. U.S. gold futures for August delivery fell 0.3% to $4,504.40.

Gulf hostilities flared anew on Wednesday, with the U.S. military saying Iranian missile attacks on Bahrain, ​Kuwait and other regional targets were either thwarted or failed as ​diplomacy between Washington and Tehran showed little progress.

U.S. Secretary of ⁠State Marco Rubio said on Tuesday that President Donald Trump’s negotiating team ​has not offered Iran sanctions relief in exchange for reopening the Strait of Hormuz ​and insisted that any sanctions relief was tied to Tehran giving up its nuclear programme.

Oil prices rose more than 1% in early trade on Wednesday, deepening concerns over inflation ​and interest rate hikes.

Cleveland Federal Reserve President Beth Hammack said on Tuesday ​the U.S. central bank may need to raise interest rates soon should already-high inflation pressures continue ‌to ⁠mount.

Investors are now awaiting the U.S. nonfarm payroll data, due later in the day, and employment report on Friday to gauge the Fed’s monetary policy path.

Gold exports from Switzerland in April fell 20% from the previous month ​as shipments to ​Britain and China ⁠slowed, offsetting higher deliveries to India and Hong Kong, Swiss customs data showed on Tuesday.

India has tightened restrictions on silver imports ​by adding grain and powder forms to the list ​of restricted ⁠categories and mandating prior valid import authorisation, as the world’s biggest consumer of the metal tries to rein in shipments and ease pressure on the rupee.

Spot ⁠silver ​fell 0.5% to $74.73 per ounce, platinum lost 0.2% ​to $1,932.25, and palladium fell 0.3% to $1,365.25.

Similarly, 10-gram gold was sold at Rs408,403 after it increased by Rs3,944, according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

On Monday, gold price per tola reached Rs471,762 after a decline of Rs4,400 during the day.

The international rate of gold was up by $46 to reach $4,540 per ounce (with a premium of $20).

Meanwhile, the price of silver increased by Rs94 to reach Rs8,153 per tola.

Spot gold was steady at $4,481.53 per ounce, as of 0217 GMT. ​

US gold futures for August delivery gained 0.1% to $4,511.20.

“At the start of ​this week, there was a lot of expectation that maybe we’d ⁠get a 60-day extension to the ceasefire over the weekend. Instead, it ​looks like both sides have kind of dug into their red lines and we ​still don’t have a deal,” said Ilya Spivak, head of global macro at Tastylive.

Lebanon on Monday announced a partial ceasefire between Hezbollah and Israel, in what would amount to a limited de-escalation ​of a conflict that has killed thousands of people and inflamed the broader ​war with Iran.

Earlier, Iranian state media said that Tehran was halting indirect negotiations with the US ‌and ⁠might end the ceasefire, citing the war in Lebanon. U.S. President Donald Trump, meanwhile, said that talks with Iran were ongoing “at a rapid pace.”

Investors are now waiting for the US nonfarm payroll and employment reports, both due later in the week, to ​assess resilience in ​the labour market ⁠amid mounting concerns about inflation due to the Middle East conflict.

Also in focus are remarks from Federal Reserve policymakers, including ​Cleveland Fed President Beth Hammack and Fed Governor Michael Barr, ​to gauge ⁠the future monetary policy path.

“On the upside, the main barrier to break here seems to be right around $4,900. If (gold) confidently re-establishes a foothold of the $5,000 mark, then we’ll ⁠know ​that gold is once again re-engaging with its ​longer-term dynamics,” Spivak said.

Spot silver rose 0.5% to $75.21 per ounce, platinum gained 0.5% to $1,932.50, while palladium fell ​0.4% to $1,356.90.

Fundamentals

Spot ‌gold was down 0.2% at $4,527.36 per ounce, as of 0156 GMT, after rising to a two-week high in the previous session. US gold futures fell 0.8% to $4,558.10.

US President Donald Trump said on Friday he would ⁠soon decide on a proposed deal to extend the ceasefire with Iran, though ​the two countries still appeared to differ on significant issues that have been ​central to the conflict.

Israeli Prime Minister Benjamin Netanyahu has ordered troops to move further into Lebanon in the battle against the Iranian-backed Hezbollah militant group, he said on ​Sunday, despite a ceasefire announced more than six weeks ago.

Oil prices ​rose more than 2% in early trading on Monday, stoking inflation concerns.

Federal Reserve Vice ‌Chair ⁠for Supervision Michelle Bowman said on Friday the Middle East war’s impact on the economy, while still being measured, could lead to persistent rises in inflation that might require tighter monetary policy.

Federal Reserve Bank of Philadelphia President ​Anna Paulson said ​on Friday “mildly restrictive” ⁠monetary policy is “well positioned” for an uncertain outlook where inflation pressures remain too high.

US says it struck Iranian military sites, Tehran responds with air base attack

Gold demand in India remained subdued ​last week due to higher prices and import duties, ​while premiums ⁠in top consumer China narrowed amid cautious sentiment.

Gold speculators raised net long positions by 2,544 contracts to 96,931 in the week to May 26.

Spot ⁠silver ​rose 0.4% to $75.54 per ounce, platinum gained ​1% to $1,935.65, and palladium rose 1.3% to $1,371.24.

Spot gold rose 0.2% to $4,499.56 per ounce by 0231 GMT, but was down about 0.2% for the week so far. US gold futures inched 0.1% lower to $4,529.80.

Bullion fell to a two-month low on Thursday before closing higher on reports of a US-Iran ceasefire extension.

“Yesterday, we saw gold went down to $4,360 and was likely to go down further until the (ceasefire) announcement came, due to which we suddenly saw the reversal of prices.

This is where the market continues to be this morning,“ said GoldSilver Central Managing Director Brian Lan. “Markets are now waiting for the deal to be signed even if it’s only just pending Trump’s signature.”

The United States and Iran reached an agreement on Thursday to extend their ceasefire and lift restrictions on shipping through the Strait of Hormuz, sources told Reuters, though US President Donald Trump has yet to approve it and Iranian state media said it had not been finalised.

US inflation increased at its fastest pace in three years in April, driven by higher energy prices due to the Iran war and cementing economists’ views that the Federal Reserve would hold interest rates unchanged well into next year.

Federal Reserve Bank of New York President John Williams said central bank monetary policy is in the right place given the outlook, adding he expects inflation to be high in the near term with the pressures easing later in the year.

Spot silver rose 0.1% to $75.67 per ounce and palladium gained 0.4% to $1,373.14, with both metals headed for a weekly gain.

Platinum lost 0.4% to $1,915.53 and was on course for a weekly loss.

Spot gold was down 1.7% at $4,380.62 per ounce, as of 0409 ​GMT, earlier falling to its lowest level since March 26. US gold futures ​for June delivery fell 1.6% to $4,377.10.

The dollar rose to a one-week high, ⁠making greenback-priced bullion more expensive for holders of other currencies.

“Geopolitical tensions remain high, ​and we’ve had too many false alarms from the peace deal talks. So I think ​the US dollar is going to remain bid, and that means gold is likely to remain under pressure,” said Matt Simpson, a senior analyst at StoneX.

The U.S. military carried out new strikes in Iran targeting ​a military site that officials believed posed a threat to U.S. forces and commercial ​shipping in the Strait of Hormuz, a US official said, hours after President Donald Trump dismissed an ‌Iranian ⁠report of a deal to restore traffic through the strategic waterway.

Oil prices jumped more than 3% on Thursday after Iran’s Revolutionary Guards said they targeted a U.S. airbase in response to the US attack.

Elevated crude prices can accelerate inflation and keep interest rates higher ​for longer. While gold ​is seen as a ⁠hedge against inflation, higher rates tend to weigh on the non-yielding metal.

Federal Reserve Governor Lisa Cook on Wednesday said she feels ​the U.S. central bank should hold short-term interest rates steady for ​now, but, ⁠with tariffs, the Iran war, and a surge in AI-related investment pushing prices higher, she is prepared to hike rates if needed.

Investors await the release of US Personal Consumption Expenditures data, due ⁠later ​in the day, for clues on the Fed’s monetary ​policy path.

Spot silver fell 3% to $72.37 per ounce and platinum lost 1.4% to $1,890.81, both hitting a near one-month low. Palladium slid ​1.9% to $1,364.26.

Spot gold was down 0.6% at $4,542.20 per ounce as of 0401 GMT. U.S. gold futures for June delivery gained 0.4% ​to $4,542.80.

Iran’s top negotiator and its foreign minister were in Doha for talks with ​Qatar’s prime minister on a potential deal with the U.S. to ⁠end the three-month-old war, an official briefed on the visit said on Monday, ​after Washington and Tehran played down hopes for an imminent breakthrough.

Even as the talks ​proceeded, U.S. forces on Monday conducted strikes in southern Iran against targets including boats attempting to lay mines and missile launch sites, in what it described as defensive actions.

“Even though we have ​a peace deal that is being done and dusted between the U.S. and ​Iran, the damage that has been done to Middle East oil production facilities could actually prevent ‌a ⁠rapid normalization of oil flows flowing into the rest of the world from the Middle East,” said Kelvin Wong, a senior market analyst at OANDA.

“The market has started to price in this situation, showing very high odds of an interest rate hike ​to come in ​this year.”

Brent crude ⁠futures rose 2% in early Asian trade on Tuesday, as tensions between the U.S. and Iran persisted.

Elevated crude oil prices can ​fuel inflation and keep interest rates higher for longer. While ​gold is ⁠seen as a hedge against inflation, higher rates tend to weigh on the non-yielding metal.

Markets are pricing in a U.S. Federal Reserve rate hike before year-end, with a ⁠56% chance ​of a move by December, according to CME ​Group’s FedWatch tool. FEDWATCH

Spot silver fell 1.6% to $76.84 per ounce, platinum lost 0.8% to $1,952.56, and palladium slid 1.2% ​to $1,381.27.

Similarly, 10-gram gold was sold at Rs409,603 after it increased by Rs3,943 according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

On Saturday, gold price per tola reached Rs473,162 after a decline of Rs2,200 during the day.

The international rate of gold was up by $46 to reach $4,554 per ounce (with a premium of $20).

Meanwhile, the price of silver increased by Rs236 to reach Rs8,270 per tola.

Fundamentals

‌Spot gold rose 1.4% to $4,570.88 per ounce by 0045 GMT. US gold futures for June delivery gained 1.1% to $4,572.90.

The dollar fell, making greenback-priced ​bullion more affordable for holders of other currencies.

US ​President Donald Trump said on Sunday he had told ⁠his representatives not to rush into any deal with Iran, ​as his administration played down hopes of an imminent breakthrough in the ​three-month-old war that had been raised a day earlier.

A day earlier, Trump said Washington and Iran had “largely negotiated” a memorandum of understanding on a ​peace deal that would reopen the Strait of Hormuz.

Oil ​prices hit two-week lows on Monday on optimism that the U.S. and ‌Iran ⁠were moving closer towards a peace deal even though they remained at odds over key issues.

Kevin Warsh was sworn in as chair of the US Federal Reserve on Friday at a pivotal ​moment for an ​American economy ⁠where surging gasoline prices due to the Iran war are pushing up inflation and eroding consumer ​sentiment.

Gold kept trading at a steep discount in ​India last ⁠week, as price volatility dampened demand, while premiums eased in China.

Gold speculators cut net long position by 6,239 contracts to 94,388 ⁠in ​the week to May 19.

Spot ​silver climbed 3.9% to $78.42 per ounce, platinum rose 1.9% to $1,959.85, and palladium was up ​1.9% at $1,373.25.

Similarly, 10-gram gold was sold at Rs407,546 after it increased by Rs4,287, according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

On Wednesday, gold price per tola reached Rs470,362 after a decline of Rs6,800 during the day.

The international rate of gold was up by $50 to reach $4,530 per ounce (with a premium of $20).

Meanwhile, the price of silver increased by Rs60 to reach Rs8,034 per tola.

Spot gold was down 0.2% at $4,534.69 per ounce, as of 0258 GMT. Bullion gained more than 1% on Wednesday after ​falling to its lowest level since March 30 earlier in the day.

US gold ​futures for June delivery were steady at$4,536.70.

US President Donald Trump said ⁠on Wednesday negotiations with Iran were in the final stages but warned of further attacks unless ​Iran agreed to a deal, adding that Washington could wait a few days to “get the ​right answers.”

Sentiment improved “after Trump’s remarks stating that both the US and Iran are kind of reaching the final stages of peace deal agreement,” said Kelvin Wong, a senior market analyst at OANDA.

However, “the overall trend ​of 10-year U.S. Treasury yield since the start of early March is still in ​a medium-term uptrend phase. Hence, gold bulls may not be so aggressive of beating up prices at ‌this ⁠juncture,” he said.

US 10-year Treasury yields rose 0.3%, increasing the opportunity cost of holding non-yielding gold.

Gold has fallen more than 14% since the Iran war began in late February, as elevated oil prices fuelled inflation risks and fears of interest rates staying higher for ​longer. Non-yielding gold tends ​to benefit when interest ⁠rates are lower.

Markets are increasingly pricing in possibilities of the Federal Reserve tightening monetary policy this year, with a 39% chance of ​a 25 basis-point hike expected in December, according to the CME ​Group’s FedWatch ⁠tool.

Minutes of the Fed’s April meeting showed a majority of policymakers felt “some policy firming would likely become appropriate” if inflation stays persistently above the central bank’s 2% target.

Gold prices are ⁠expected to ​remain weak in the upcoming sessions with resistance ​seen at $4,645 levels and support at $4,456 levels, said Wong.

Spot silver was down 0.8% at $75.40 per ounce, platinum lost 0.7% ​to $1,936.10, and palladium fell 0.4% to $1,365.12.

Spot gold was down 0.3% at $4,467.59 per ounce, as of 0233 GMT. In ​the previous session, bullion hit its lowest level since March 30.

US gold ​futures for June delivery lost 0.9% to $4,471.10.

“Gold is running out of ⁠puff somewhat against this backdrop of rising yields, and a dollar which has ​a spring in its step courtesy of the hawkish shift in the rates outlook,” ​said Tim Waterer, chief market analyst at KCM Trade.

The dollar hovered at a six-week high, making greenback-priced bullion more expensive for holders of other currencies.

Benchmark 10-year US Treasury yields were steady ​at a more than one-year high, raising the opportunity cost of holding non-yielding ​gold.

U.S. signals on Iran remained mixed, with US President Donald Trump warning Washington may still need ‌to strike ⁠Tehran, while Vice President JD Vance said both sides were making progress and did not want a return to conflict.

Philadelphia Federal Reserve Bank President Anna Paulson said the current level of interest rates is appropriate for the moment, putting downward pressure on ​inflation at a time ​when price pressures ⁠remain elevated.

She, however, said it was “healthy” that investors had begun considering scenarios where rates might need to rise.

The US Federal Reserve ​will avoid cutting rates this year, according to most economists polled ​by Reuters ⁠who largely pushed long-held calls for reductions into next year on hopes the current inflation flare-up is temporary.

Investors are waiting for minutes from the Fed’s April policy meeting, ⁠due ​later in the day, to gauge the US central ​bank’s monetary policy outlook.

Spot silver fell 0.8% to $73.22 per ounce, platinum slid 0.5% to $1,912.67, while palladium rose ​0.2% to $1,356.32.

Fundamentals

Spot gold was steady at $4,565.40 per ounce, as of 0103 GMT, after hitting its lowest level since March 30 in the previous session.

US gold futures for June delivery gained 0.2% to $4,567.90.

The dollar ​fell, making greenback-priced bullion more affordable for holders of ⁠other currencies.

[US President Donald Trump ](https://US President Donald Trump)said on Monday he had paused ​a planned attack against Iran to allow for negotiations to take place ​on a deal to end the US-Israeli war, after Iran sent a new peace proposal to Washington.

Oil prices fell more than 2% in early Asian trade ​on hopes of negotiations to end the war in the Middle ​East.

Elevated crude oil prices can stoke inflation, and while gold is considered a ‌hedge ⁠against inflation, higher interest rates tend to weigh on the non-yielding metal.

Kevin Warsh will be sworn in as U.S. Federal Reserve chief on Friday by President Trump, a White House official said on Monday, putting ​the financier at ​the helm of ⁠the central bank as it grapples with intensifying inflation that may make it hard to push through ​the interest-rate cuts Trump desires.

Ghana has asked large-scale ​gold miners ⁠to sell 30% of annual output to the central bank as part of a revamped reserve-building drive, up from 20%, a senior official told Reuters.

Spot ​silver fell 0.3% to $77.58 per ounce, platinum ​lost 0.2% to $1,976.15, and palladium dropped 0.6% to $1,409.75.

Similarly, 10-gram gold was sold at Rs409,089 after it increased by Rs772, according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

On Saturday, gold price per tola reached Rs476,262 after a decline of Rs600 during the day.

The international rate of gold was up by $9 to reach $4,548 per ounce (with a premium of $20).

Meanwhile, the price of silver increased by Rs26 to reach Rs8,099 per tola.

After surging 127% in 2025, spot platinum hit a record high of $2,919 per troy ounce in January.

It then fell to about $2,000 as the gold-led rally lost momentum and the outbreak of the Middle Eastern conflict at the end of February led investors, seeking liquidity for margin calls, to sell precious metals.

In the first quarter, the platinum market recorded a 268,000-ounce surplus compared with a 658,000 deficit in the same period of 2025. Demand fell by 31% year-on-year to 1.5 million ounces with 225,000 ounces of net investment outflows as well as weaker auto and jewellery consumption.

At the same time, total supply jumped by 18% to 1.7 million ounces, receiving a boost compared with a year ago when flooding in South Africa reduced supplies in 2025.

Mine supply rose by 22%, while high prices led to a 7% increase in recycling, the WPIC, which uses data from consultancy Metals Focus, said in a quarterly report.

Gold slips to 1-1/2-month low as Middle East tensions lift oil, cloud rate outlook

With these trends expected to reverse, the platinum market is still on track for its fourth year of consecutive deficit in 2026, the WPIC said, raising the full-year shortage estimate to 297,000 ounces from the 240,000 it had expected two months ago.

For the full year 2026, the WPIC expects mine output to be steady and recycling to rise by 9%, resulting in overall supply increasing by 2% to 7.4 million ounces.

Demand is forecast to fall by 9% to 7.7 million ounces led by 12% and 54% declines in jewellery and investment demand, while automotive demand falls by 2%.

To cover the deficit, above-ground stocks - unallocated vaulted inventory available to balance the market - will fall by 15% to 1.7 million ounces and will be equal to less than three months of global demand.

Fundamentals

Spot gold was down 1.1% at $4,488.99 per ounce, as of 0052 GMT, hitting its lowest level since March 30.

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US gold futures for June delivery lost 1.5% ​to $4,493.30.

Gold was pressured by rising geopolitical tensions after a drone strike ​caused a fire at a nuclear power plant in the United Arab ⁠Emirates, lifting crude prices and bets of interest rates.

Saudi Arabia, meanwhile, reported ​intercepting three drones, as US President Donald Trump warned that Iran must act “fast” ​after efforts to end the US-Israeli war appeared to have stalled.

Central banks tend to hike interest rates during times of inflation, which in turn tends to dim non-yielding bullion’s appeal.

Oil prices extended gains on Monday to hit a two-week high.

Markets are ​increasingly pricing in a US Federal Reserve rate hike before year-end, with a 50% chance of ‌a ⁠move by December, according to CME Group’s FedWatch tool.

Investors await minutes of the Fed’s April meeting, due to be released this week, for clues on the central bank’s monetary policy direction.

India has curbed imports of silver in nearly all ​forms with immediate effect, ​according to a ⁠government order issued on Saturday, as the world’s biggest consumer of the metal seeks to rein in shipments and ease ​pressure on the rupee.

Gold discounts in India jumped to a ​record last ⁠week, while investment demand kept Chinese premiums firm.

Gold speculators raised net long positions by 4,963 contracts to 100,627 in the week ended May 12.

Spot silver fell ⁠2.2% ​to $74.30 per ounce, platinum lost 0.6% to $1,961.30, and ​palladium dropped 1.2% at $1,396.25.