Commodities
Home›Commodities›Precious Metals›Gold steadies near $4,075 as US-Iran talk hopes lift b…
Gold steadies near $4,075 as US-Iran talk hopes lift bullion
Spot gold was about $4,073 an ounce in early Singapore trade, while traders priced heightened uncertainty ahead of the Fed’s decision this week.
Gold was holding gains as President Donald Trump said the United States and Iran were in talks aimed at ending the war, a development that market participants said could ease immediate escalation risks tied to inflation concerns. Bullion was near $4,075 an ounce in early trading after rising 0.6% on Monday, with Trump adding that fighting could resume if negotiations do not produce a deal.
Oil extended its drop on Tuesday after Washington delayed attacking Iran for a third straight day. Tehran, meanwhile, paused strikes on countries around the Persian Gulf, a shift that coincided with continued pressure on crude.
Gold has stayed near $4,000 an ounce since late June, supported by “dip-buying” in the view of some traders. However, the metal is still down by more than a fifth since the war began about five months ago, reversing a prior multiyear bull run that had carried prices close to a record near $5,600 in late January.
Traders are also positioning ahead of a potentially contentious Federal Reserve decision this week, with energy costs linked to renewed Middle East fighting and a June US consumer price reading that came in tamer than expected. Interest-rate swaps indicated roughly a 40% chance of a quarter-point increase on Wednesday, an unusually high level of implied uncertainty; at 7:20 a.m. in Singapore, spot gold was down 0.1% to $4,073.05 an ounce, while silver edged up 0.1% to $58.41 an ounce, with platinum and palladium slightly lower.
Latest closeGold $4,078.90 ▲0.3%|Silver $58.70 ▲0.1%|Platinum $1,629.20 ▲2.2%