Gold Wavers as Traders Weigh Truce Path Ahead of U.S.-Iran Talks
Gold swung between gains and losses as traders assessed the durability of a fragile ceasefire ahead of U.S.-Iran talks set to begin this weekend.
Bullion hovered near $4,755 an ounce after the New York Post reported U.S. President Donald Trump is preparing the military in case peace talks in Pakistan fail. Gold is on track for a third straight weekly advance, up about 1.6% for the week.
Trump warned Iran that it “better stop” any effort to charge fees on ships transiting the Strait of Hormuz, after Tehran agreed to open the vital waterway as part of a ceasefire deal earlier this week. Negotiations toward a longer-term peace agreement are scheduled to start Saturday in Islamabad, where control over Hormuz remains Iran’s strongest leverage point.
On the economic front, fresh U.S. data on Friday showed consumer prices posted their biggest jump since 2022, while core inflation — closely watched by the Federal Reserve — was relatively contained. Bond yields edged higher and the dollar was little changed, but traders continued to price in a rate cut later this year. Lower rates typically support gold because it pays no interest.
Gold has also been underpinned by signs that major official buyers are still building reserves. Poland’s central bank is maintaining its goal of lifting gold holdings to 700 tons, its governor said. China also took advantage of lower prices, adding about 5 tons in March — its largest monthly purchase in more than a year. ANZ Bank expects recent price corrections to encourage further stockpiling, projecting official-sector buying around 850 tons this year.
Spot gold was down 0.3% at $4,753.78 an ounce as of 4:04 p.m. in New York. Silver rose 1.2% to $76.24 an ounce, while platinum and palladium declined. The Bloomberg Dollar Spot Index fell 0.1%.
Source : Newsmaker.id
