Gold rises after three-session loss on encouraging US-Iran peace talks
Gold prices are steadying around US$4,000 an ounce as investors monitor US-Iran peace talks and US economic data. Market sentiment is split between hope for a peace deal and pressure from a strong dollar and expected Federal Reserve rate hikes. Gold is currently on track for its fourth straight weekly decline.
What changed
Prices have shifted from a near US$4,190 peak to stabilizing around US$4,000 as new concerns over the Strait of Hormuz emerged.
Live updates
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Gold Stabilizes Near US$4,000 Amid US-Iran Peace Negotiations
confidence 85%Gold prices are steadying around US$4,000 an ounce as investors monitor US-Iran peace talks and US economic data. Market sentiment is split between hope for a peace deal and pressure from a strong dollar and expected Federal Reserve rate hikes. Gold is currently on track for its fourth straight weekly decline.
What's confirmed:
- Gold is poised for its fourth consecutive weekly decline.
- The Federal Reserve's potential interest rate hikes and a strong dollar continue to weigh on gold prices.
- Switzerland, Qatar, and Pakistan have acted as mediators in US-Iran discussions.
- Gold prices have held near US$4,000 an ounce.
Still unconfirmed:
- A potential peace deal between the US and Iran could be reached within 60 days.
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Gold Prices Stabilize as US-Iran Peace Talks Progress
confidence 90%Gold prices ended a three-day decline, gaining nearly 1% to reach near US$4,190 an ounce. The recovery follows reported progress in peace talks between the US and Iran mediated by Switzerland, Qatar, and Pakistan. However, a strong US dollar and Federal Reserve signals on interest rates continue to pressure the metal.
What's confirmed:
- Gold gained nearly 1% in a single session to break a three-day losing streak.
- Bullion prices were near US$4,190 an ounce.
- Switzerland, Qatar, and Pakistan have acted as mediators in US-Iran discussions.
- The US dollar's strength and Federal Reserve interest rate signals are weighing on precious metals.
Still unconfirmed:
- Iran denied any agreements with IAEA inspectors or participation in nuclear talks.
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Gold Rebounds from One-Week Low Amid US-Iran Peace Talks
confidence 95%Gold prices recovered on Monday after a three-session losing streak and hitting a low on Friday. The rebound followed reports of progress in US-Iran peace talks in Switzerland, which lowered oil prices. However, hawkish signals from the Federal Reserve regarding future interest rate hikes continue to weigh on the metal's outlook.
What's confirmed:
- Gold prices hit their lowest level since June 11 on Friday.
- US-Iran peace talks in Switzerland are described by Vice President JD Vance as having laid a "good foundation" for a final deal.
- Brent crude oil prices fell following the news of progress in the US-Iran talks.
- Traders see an 89% chance of a US rate hike in December.
- Spot gold rose 0.8% to $4,194.99 per ounce as of 0608 GMT on Monday.
Still unconfirmed:
- A former Lehman analyst suggests the post-Fed selloff may be missing the bigger picture.
- UK Prime Minister Starmer said he will resign.