Gold rebounds from one-month low on softer dollar
- Spot gold was up 0.6% at $4,566.73 per ounce
Gold prices rebounded on Thursday from a one-month low hit the day before, helped by a softer US dollar, although elevated oil prices kept fears alive of inflation and higher-for-longer interest rates.
Fundamentals
Spot gold was up 0.6% at $4,566.73 per ounce, as of 0105 GMT, after falling to its lowest level since March 31 in the previous session.
US gold futures for June delivery rose 0.4% to $4,578.50.
The US dollar eased, making greenback-priced bullion cheaper for other currency holders.
Brent crude oil hovered above $119 a barrel, as deadlocked US-Iran negotiations made investors more concerned about prolonged disruptions to Middle Eastern supply.
Donald Trump discussed how to mitigate the impact of a possible months-long US blockade of Iran’s ports with oil companies, a White House official said on Wednesday, as the US president urged Tehran to “get smart soon” and sign a deal.
The US Federal Reserve held interest rates steady, but in its most divided decision since 1992 noted rising concerns about inflation in a policy statement that drew three dissents from officials who no longer feel the US central bank should communicate a bias towards lowering borrowing costs.
Kevin Warsh, Trump’s pick to lead the Fed, cleared a key procedural hurdle on Wednesday, opening a path for him to succeed Jerome Powell next month.
Global gold demand rose 2% year-on-year to 1,230.9 metric tons in the first quarter of 2026 as a surge in purchases of gold bars and coins, as well as a 3% growth in buying by central banks, offset a 23% decline in jewellery demand, the World Gold Council said on Wednesday.
[Spot silver](https://Spot silver) rose 1% to $72.18 per ounce, platinum gained 1.7% to $1,911, and palladium was up 0.9% at $1,470.40.
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