Gold prices attempted a recovery on Friday, climbing back above $4,700 per ounce as cautious optimism emerged over potential progress in US-Iran peace negotiations.
According to Al-Jazeera, Iranian Foreign Minister Abbas Araghchi is scheduled to arrive in Islamabad on Friday evening, citing Pakistani government sources.
These sources indicated a "high likelihood of a breakthrough" in the ongoing talks between the United States and Iran.
The visit follows recent Iranian-Pakistani talks on a ceasefire, though uncertainties remain.
US President Donald Trump reiterated he wants a "great deal" but is "not in a rush." Still, gold faces an over 2% weekly decline as peace negotiations have shown limited progress so far, and the continued closure of the Strait of Hormuz has driven energy prices higher.
Rising inflation risks and potential rate hikes continue to weigh on non-yielding bullion.
