<\/p>\n
Gold extended gains after its biggest daily advance since late March, as optimism over a potential US-Iran deal pressured oil prices and tempered inflation concerns.<\/p>\n
Bullion traded above $4 700 an ounce, after jumping 3% on Wednesday. Falling energy prices weighed on bond yields, while the dollar fell to pre-war levels \u2014 tailwinds for gold that\u2019s priced in the US currency and doesn\u2019t offer interest.<\/p>\n
Iran is evaluating a fresh proposal from the US to end the near 10-week war, according to a person familiar with the matter, as China added its voice to global pressure to cease hostilities.<\/p>\n
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President Donald Trump has indicated on multiple occasions throughout the conflict that a deal is near, although none has materialized. He said on social media on Wednesday that the US will end its military campaign and lift its blockade of the Strait of Hormuz \u201cassuming Iran agrees to give what has been agreed to, which is, perhaps, a big assumption.\u201d<\/p>\n<\/p>\n
\u201cHeadlines of a potential peace deal have the precious metals and base metal complex on the front foot this morning,\u201d TD Securities strategists including Ryan McKay said in a note. \u201cWe caution these headlines remain extremely fragile to reversal as US and Iranian demands seemingly remain unchanged compared to prior proposals.\u201d<\/p>\n
While markets priced in hope, Federal Reserve Bank of Chicago President Austan Goolsbee and President of St. Louis Fed Alberto Musalem struck a note of caution, highlighting that inflation is running above the target of 2%.<\/p>\n
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Gold has fallen 11% since the conflict erupted in late February, as the closure of the Strait of Hormuz and resulting energy price shock raised concerns about rising inflation that would keep rates higher for longer.<\/p>\n
Spot gold rose 0.2% to $4,701.96 an ounce at 1:59 p.m. in Singapore, while silver was up 0.6% at $77.83 after jumping 6.2% on Wednesday. Platinum declined, while palladium rose. The Bloomberg Dollar Spot Index, a gauge of the US currency, was flat after falling 0.6% in the previous session.<\/p>\n
\u00a9 2026 Bloomberg<\/p>\n
#Gold #extends #hefty #gain #USIran #hopes #ease #inflation #fears<\/p>\n","protected":false},"excerpt":{"rendered":"
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