Gold prices stabilized on Thursday, as optimism surrounding a potential peace deal between the United States and Iran outweighed inflation fears driven by surging oil prices and rising global interest rates.
اضافة اعلان
Spot gold held steady at $4,543.96 per ounce by 01:04 GMT.
The precious metal had jumped more than 1% on Wednesday, after previously hitting its lowest level since March 30th.
Meanwhile, US gold futures for June delivery edged up 0.2% to $4,545.50.
Diplomatic Developments and Market Reactions
On Wednesday, US President Donald Trump stated that negotiations with Iran have entered their final stages. However, he vowed to launch further attacks unless Iran agrees to a deal, adding that Washington might wait a few days "to get the right answers" from Tehran.
US Treasury yields and oil prices fell on Wednesday as hopes mounted that the United States is nearing a deal with Iran to end the war, while major stock indices rallied.
Federal Reserve Insights and Fund Holdings
The minutes from the Federal Reserve's April meeting revealed that a majority of policymakers felt that "monetary policy tightening by as much as appropriate would likely be warranted" if inflation persists above the central bank's 2% target.
Fed officials also noted that a stabilizing unemployment rate alongside higher-than-expected job growth over a two-month period indicate that the labor market remains strong, requiring no interest rate cuts for support.
SPDR Gold Trust, the world's largest gold-backed exchange-traded fund (ETF), reported that its holdings decreased by 0.2% to 1,041.74 tonnes on Tuesday.
Other Precious Metals
In other precious metals trading, spot silver held steady at $75.96 per ounce, platinum shed 0.2% to reach $1,947.37, and palladium dipped 0.1% to stand at $1,368.75.
Reuters
