Gold prices remained steady on Thursday trading sessions, as optimism surrounding a potential peace agreement between the United States and Iran outweighed concerns about rising inflation driven by higher oil prices and global interest rate increases.
Spot gold $XAU was recorded at around $4,543.96 per ounce at 01:04 GMT, after gaining more than 1% on Wednesday, following an earlier drop to its lowest level since late March.
US gold futures for June delivery also rose by 0.2% to $4,545.50, according to Reuters data.
On the political front, US President Donald Trump stated that negotiations with Iran had reached their final stages, while warning of further military action if no agreement is reached, noting that Washington may wait a few days to receive final responses from Tehran.
Iran, in response, warned against any further escalation, stating that renewed attacks could expand the conflict beyond the Middle East.
In financial markets, US Treasury yields and oil prices declined amid growing optimism over a possible agreement, while global stock markets recorded gains.
The Federal Reserve’s April meeting minutes showed that most policymakers lean toward maintaining a restrictive monetary policy if inflation remains above the 2% target, while also highlighting a strong labor market and stable employment growth.
In precious metals, holdings in the SPDR Gold Trust fell by 0.2% to 1,041.74 tons.
Other metals showed mixed movements, with silver steady at $75.96 per ounce, platinum down 0.2% to $1,947.37, and palladium slipping 0.1% to $1,368.75 per ounce.
