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#IranRejectsUSPeacePlan Gold prices fall after Trump rejects Iran offer May 11, 2026 at 01:50 Gold prices fell to $4,689 after Trump rejected Iran peace plan. Investors await US inflation data due to attacks in the Gulf. Global gold prices fell after US President Donald Trump rejected Iran's latest peace offer to end the conflict in the Strait of Hormuz. Spot gold fell 0.6% to $4,689.29 an ounce. Silver fell 0.8%, while platinum and palladium prices also fell. Gold rose about 2% last week, but markets reacted again to the escalation of the situation after Trump's statements that Iran's response to the US peace offer was "totally unacceptable". Markets fear a new wave of inflation Bloomberg notes that the prolongation of the conflict in the Middle East increases inflation risks and maintains expectations of high interest rates in the US. Additional concerns were caused by new incidents in the Persian Gulf. In particular, a cargo ship caught fire off the coast of Qatar as a result of a drone attack. The UAE and Kuwait also reported interception of enemy drones. Investors are awaiting the publication of new data on inflation in the US, which is due on Tuesday. Against the background of a stable labor market, the Federal Reserve may maintain high interest rates due to risks associated with the war around Iran. #GOLD #iran #US $XAU $XAG $PAXG