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Gold climbs on Trump's Iran talks hint
Gold prices rose during Monday’s trading session, supported by a decline in oil prices following U.S. President Donald Trump’s announcement that he has refrained from launching an attack on Iran and is ready to resume negotiations. This news eased fears of escalating tensions in the region. Spot prices increased by 0.7%, reaching $4,067.06 per ounce, while futures contracts also rose by 0.9% to $4,065.60 per ounce. Oil prices fell by more than $5 at the start of trading due to Iran and Middle Eastern countries requesting a delay to reach an agreement to reopen the Strait of Hormuz and end the nuclear threat, which helped calm concerns over regional escalation. Despite gold’s rise, markets remain worried about persistent inflation above the Federal Reserve’s 2% target, as gold is considered a safe haven and a hedge against inflation. However, rising interest rates have reduced its attractiveness. Investors are closely watching U.S. economic data, such as unemployment claims and non-farm payroll reports, which may influence upcoming monetary policy decisions. Additionally, other precious metals like silver, platinum, and palladium also increased, indicating market volatility.
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