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Update: Gold Falls Off a Two-Week High as Oil Rises as the U.S. and Iran Trade Strikes

(Updates prices.)Gold fell off a two-week high midafternoon Monday as the dollar rose after fresh attacks between the United States and Iran boosted oil prices, reviving inflation worries.Gold for July delivery was last seen down US$81.70 to US$4,511.30 per ounce, after rising to the highest since May 14 on Friday.The drop comes after the United States over the weekend attacked Iranian military sites, while The Guardian reported Iran on Monday targeted a U.S. military base in Kuwait and Iran said it will discontinue negotiations until Israel ends its war on Lebanon, pushing oil prices up from a six-week low.The hostilities have dimmed prospects for a end to the war that began on Feb. 28, when the U.S. and Israel launched strikes on Iran, which responded by blockading the Strait of Hormuz, the narrow waterway that is the chokepoint for 20% of daily oil demand supplied by Persian Gulf countries. The rise in oil since the start of the war has raised inflation and boosted the dollar on worries central banks will need to hike interest rates to slow rising prices."Gold trades lower following last week's rebound from key support as oil prices recovered and progress in US-Iran peace talks remained slow. The price action highlights the market's ongoing struggle to balance the inflationary implications of elevated energy prices -- which tend to support the dollar and bond yields -- against longer-term bullish drivers such as de-dollarisation, fiscal debt concerns, and persistent central bank demand," Saxo Bank wrote.The dollar was higher early, with the ICE dollar index last seen up 0.26 points to 99.17. Treasury yields were also higher, with the U.S. two-year note last seen paying 4.055%, up 4.5 basis points, while the yield on the 10-year note was up 2.8 points to 4.471%.

Gold Falls Off a Two-Week High as Oil Rises as the U.S. and Iran Trade Strikes

Gold fell off a two-week high early Monday as the dollar rose after fresh attacks between the United States and Iran boosted oil prices, reviving inflation worries.Gold for July delivery was last seen down $62.90 to US$4,530.10 per ounce, after rising to the highest since May 14 on Friday.The drop comes after the United States over the weekend attacked Iranian military sites, while The Guardian reported Iran on Monday targeted a U.S. military base in Kuwait, pushing oil prices up from a six-week low.The hostilities have dimmed prospects for a end to the war that began on Feb. 28, when the U.S. and Israel launched strikes on Iran, which responded by blockading the Strait of Hormuz, the narrow waterway that is the chokepoint for 20% of daily oil demand supplied by Persian Gulf countries. The rise in oil since the start of the war has raised inflation and boosted the dollar on worries central banks will need to hike interest rates to slow rising prices."Gold trades lower following last week's rebound from key support as oil prices recovered and progress in US-Iran peace talks remained slow. The price action highlights the market's ongoing struggle to balance the inflationary implications of elevated energy prices -- which tend to support the dollar and bond yields -- against longer-term bullish drivers such as de-dollarisation, fiscal debt concerns, and persistent central bank demand," Saxo Bank wrote.The dollar was higher early, with the ICE dollar index last seen up 0.15 points to 99.06. Treasury yields were also higher, with the U.S. two-year note last seen paying 4.037%, up 2.7 basis points, while the yield on the 10-year note was up 1.2 points to 4.455%.

Update: Gold Trading Higher Again on Expectations the U.S. and Iran are Near a Peace Deal

(Updates prices.)Gold traded higher for a second day midafternoon on Friday as the dollar weakened on expectations the U.S. war on Iran is nearing an end, pushing oil prices lower and easing the inflation worries that have pushed up the currency.Gold for July delivery was last seen up US$60.70 to US$4,593.10 per ounce.The Wall Street Journal reported U.S. Treasury Secretary Scott Bessent said the Trump Administration is near a deal to end the war, which enters its fourth month today. The paper said President Trump is pressing Iran for a commitment to surrender its stocks of enriched uranium and fully reopen the Strait of Hormuz. Thursday reports that the two countries have extended a ceasefire for 60 days, are also pushing oil prices lower and easing worries energy inflation will force central banks to raise interest rates."The easing of energy-driven inflation concerns helped push bond yields and the dollar lower, providing support to bullion," Saxo Bank noted.The dollar fell, with the ICE dollar index last seen down 0.13 points to 99.06. Treasury yields eased, with the U.S. two-year not last seen paying 4.01%, down 2.1 basis points, while the yield on the 10-year note was unchanged at 4.448%.

Gold Trading Higher Again on Expectations the U.S. and Iran are Near a Peace Deal

Gold traded higher for a second day early on Friday as the dollar and yields steadied on expectations the U.S. war on Iran is nearing an end, pushing oil price lower and easing the inflation worries that have pushed up the dollar.Gold for July delivery was last seen up US$18.30 to US$4,550.70 per ounce.The Wall Street Journal reported U.S. Treasury Secretary Scott Bessent said the Trump Administration is near a deal to end the war, which enters its fourth month today. The paper said President Trump is pressing Iran for a commitment to surrender its stocks of enriched uranium and fully reopen the Strait of Hormuz. Thursday reports that the two countries have extended a ceasefire for 60 days, are also pushing oil prices lower and easing worries energy inflation will force central banks to raise interest rates."The easing of energy-driven inflation concerns helped push bond yields and the dollar lower, providing support to bullion," Saxo Bank noted.Still, the dollar edged up early, with the ICE dollar index last seen up 0.05 points to 99.06. Treasury yields eased, with the U.S. two-year not last seen paying 4.025%, down 0.8 basis points, while the yield on the 10-year note was down 0.4 points to 4.444%.

Gold Was Holding Above US$4,500 as Iran Peace Deal Hopes Ease Inflation Fears

Update: Gold Rises Midafternoon on Reports Iran and the U.S. Agreed to Extend Their Ceasefire

(Updates prices.)Gold was higher midafternoon on Thursday, rising off early lows as the dollar and yields fell after reports the United States and Iran on agreed to extend a ceasefire for 60 days. lowering oil prices and easing inflation worries even a key U.S. inflation measure rose in April.Gold for July delivery was last seen up US$52.50 to US$4,4,534.00 per ounce, after earlier touching US$4,395.60.The drop comes as oil prices also gave up early gains after Axios reported the two countries will extend their ceasefire agreement. The potential deal comes despite earlier reports U.S. forces attacked a drone-control base in Iran and shot down Iranian drones, while Kuwait intercepted an Iranian missile and Iran attacked commercial shipping in the Persian Gulf.The U.S. Bureau of Economic Analysis on Thursday reported the Personal Consumption Expenditures (PCE) Index, the Federal Reserve's preferred inflation measure, rose 3.8% annualized in April, up from 3.5% in March and matching expectations, according to Marketwatch. Core PCE, excluding volatile food and energy, rose at a 3.3% annual pace, again matching expectations and up from 3.2% a month earlier.The Bureau also released its second revision to its estimate for first-quarter gross domestic product growth, cutting its estimate to 1.6% from 2.0%. The agency was expected to maintain its 2.0% estimate, according to Marketwatch.The dollar was lower, with the ICE dollar index last seen down 0.21 points to 98.99. Treasury yields fell, with the U.S. two-year note last seen paying 4.031%, down 1.0 basis points, while the yield on the 10-year note was down 3.2 points to 4.456%.

Gold Falls to a Two-Month Low on Inflation Worries as Oil Prices Rise and the U.S. Reports Inflation Jump in April

Gold traded at a two-month low early on Thursday on renewed inflation worries as oil prices rose on renewed fighting between Iran and the United States, while a key U.S. inflation measure rose in April.Gold for July delivery was last seen down US$70.40 to US$4,411.10, the lowest since March 26.The drop comes as oil prices rose off a month low on fresh hostilities in the Persian Gulf. The Wall Street Journal reported U.S. forces attacked a drone-control base in Iran and shot down Iranian drones, while Kuwait intercepted an Iranian missile and Iran attacked commercial shipping in the Persian Gulf."Gold fell to a two-month low as US Treasuries sold off and the dollar strengthened following a fresh surge in crude oil prices, fuelling concerns that tight energy markets will continue to exert upward pressure on inflation," Saxo Bank noted.The U.S. Bureau of Economic Analysis on Thursday reported the Personal Consumption Expenditures (PCE) Index, the Federal Reserve's preferred inflation measure, rose 3.8% annualized in April, up from 3.5% in March and matching expectations, according to Marketwatch. Core PCE, excluding volatile food and energy, rose at a 3.3% annual pace, again matching expectations and up from 3.2% a month earlier.The Bureau also released its second revision to its estimate for first-quarter gross domestic product growth, cutting its estimate to 1.6% from 2.0%. The agency was expected to maintain its 2.0% estimate, according to Marketwatch.The dollar edged down following the data, with the ICE dollar index last seen down 0.02 points to 99.19. Treasury yileds were mixed, with the U.S. two-year note last seen paying 4.053%, up 1.2 basis points, while the yield on the 10-year note was down 0.4 points to 4.485%.

Update: Gold Trading at a Two-Month Low Even as Falling Oil Prices Ease Inflation Concerns

(Updates prices.)Gold fell to a two-month low early on Wednesday, even as the dollar dipped as oil prices weakened ahead of an expected deal to end the war on Iran, easing inflation worries.Gold for July delivery was last seen down US$52.6 to US$4,482.40 per ounce, the lowest since March 26.The precious metal has remained well below its Jan. 28 record high as investors turned to the dollar as oil prices surged after the United States and Israel attacked Iran, which responded by blocking the Strait of Hormuz, the chokepoint for a fifth of daily oil demand supplied by Persian Gulf nations.However oil prices have retreated from four-year highs touched last month on expectations Iran and the United States will soon end hostilities amid talks in Qatar and reopen the Strait, easing the inflation worries that have supported the dollar and pushed up treasury yields, both bearish for gold."Gold fell alongside US bond yields on Tuesday as the prospect of a Middle East peace deal weighed on oil prices, thereby easing inflation concerns. In addition, a powerful global equity rally, led by chipmakers, has reduced near-term demand for defensive assets such as gold," Saxo Bank noted.The dollar edged higher, with the ICE dollar index last seen up 0.08 points to 98.24. Treasury yields edged down, with the U.S. two-year note last seen paying 4.045%, down 0.1 basis points, while the yield on the 10-year note was down 0.4 points to 4.489%.

Gold Trading at a Two-Month Low Even as Falling Oil Prices Ease Inflation Concerns

Gold fell to a two-month low early on Monday, even as the dollar dipped as oil prices weakened ahead of an expected deal to end the war on Iran, easing inflation worries.Gold for July delivery was last seen down US$47.80 to US$4,487.20 per ounce, the lowest since March 26.The precious metal has remained well below its Jan. 28 record high as investors turned to the dollar as oil prices surged after the United States and Israel attacked Iran, which responded by blocking the Strait of Hormuz, the chokepoint for a fifth of daily oil demand supplied by Persian Gulf nations.However oil prices have retreated from four-year highs touched last month on expectations Iran and the United States will soon end hostilities amid talks in Qatar and reopen the Strait, easing the inflation worries that have supported the dollar and pushed up treasury yields, both bearish for gold."Gold fell alongside US bond yields on Tuesday as the prospect of a Middle East peace deal weighed on oil prices, thereby easing inflation concerns. In addition, a powerful global equity rally, led by chipmakers, has reduced near-term demand for defensive assets such as gold," Saxo Bank noted.The dollar was lower early, with the ICE dollar index last seen down 0.18 points to 98.99. Treasury yields edged down, with the U.S. two-year note last seen paying 4.041%, down 0.5 basis points, while the yield on the 10-year note was down 2.3 points to 4.47%.

Update: Gold Edges Lower Amid Uncertainty Around Progress of Peace Talks In the Middle East

(Updates prices.)Gold edged lower midafternoon Tuesday even as the dollar and yields fell as fresh U.S. strikes on Iran heightened concerns over the progress of peace talks between the two countries.Gold for July delivery was last seen down US$16.90 to US$4,539.50 per ounce.While peace talks between Iran and the United States are underway, the United States on Monday launched attacks on what it said were missile-launching sites in Iran.The strikes come as the two countries continue talks to end the three-month war and reopen the Strait, which was the chokepoint for 20% of daily oil demand from Persian Gulf countries. Iran's blockade of the Strait following the Feb. 28 start to the war began the largest-ever oil supply shock and pushed up oil prices by more than half.The rise in inflation that followed the hike in energy prices has pushed up inflation, raising concerns central banks will need to raise interest rates, bearish for precious metals since they pay no interest."Gold and silver continue to take their cues from crude oil because of its influence on inflation expectations, interest-rate outlooks, bond yields, and the dollar. After rallying on Monday alongside the drop in oil prices, both metals trade softer today as renewed US strikes near the Strait reduced optimism surrounding peace negotiations," Saxo Bank noted.The dollar fell, with the ICE dollar index last seen down 0.04 points to 99.2. Treasury yields also fell, with the yield on the U.S. two-year note was down 6.2 basis points to 4.07%, while the 10-year note was paying 4.508%, down 5.5 points.

Gold Edges Lower Amid Uncertainty Around Progress of Peace Talks In the Middle East

Gold edged lower early Tuesday even as the U.S. dollar and yields fell as fresh U.S. strikes on Iran heightened concerns over the progress of peace talks between the two countries.Gold for July delivery was last seen down $14.00 to US$4,542.40 per ounce.While peace talks between Iran and the United States are underway, the United States on Monday launched attacks on what it said were missile-launching sites in Iran.The strikes come as the two countries continue talks to end the three-month war and reopen the Strait, which was the chokepoint for 20% of daily oil demand from Persian Gulf countries. Iran's blockade of the Strait following the Feb. 28 start to the war began the largest-ever oil supply shock and pushed up oil prices by more than half.The rise in inflation that followed the hike in energy prices has pushed up inflation, raising concerns central banks will need to raise interest rates, bearish for precious metals since they pay no interest."Gold and silver continue to take their cues from crude oil because of its influence on inflation expectations, interest-rate outlooks, bond yields, and the dollar. After rallying on Monday alongside the drop in oil prices, both metals trade softer today as renewed US strikes near the Strait reduced optimism surrounding peace negotiations," Saxo Bank noted.The dollar fell early, with the ICE dollar index last seen down 0.13 points to 99.11. Treasury yields also fell, with the yield on the U.S. two-year note was down 7.0 basis points to 4.062%, while the 10-year note was paying 4.49%, down 7.3 points.

Update: Gold Rises as the USD Weakens While U.S. and Iran Talk to End Their War

(Updates prices.)Gold traded higher midafternoon Monday as the U.S. dollar fell on hopes the United States and Iran are nearing a deal to end the three-month war that has caused the largest-ever energy supply shock.Gold for July delivery was last seen up US$49.60 to US$4,606.00 per ounce in electronic trade, with markets closed for the Memorial Day holidayThe rise comes as the countries continue talks to end the war that has kept the Strait closed for nearly three months, blocking much of the 20% of daily oil demand supplied by Persian Gulf nations. The Wall Street Journal reported Iran is willing to lift its blockade of the Strait in exchange for the United States ending its blockade of Iranian ports, though Iran warned a final deal is not imminent.The price of the precious metal has remained rangebound as investors turn to the dollar on fears central banks will hike interest rates to combat the rising inflation that has followed the war's closure of the Strait of Hormuz, shutting in most of the oil exports from Persian Gulf nations that supplied a fifth of daily oil demand.The dollar fell early, with the ICE dollar index last seen down 0.27 points to 98.97. Treasury markets were closed for the holiday.

Gold Rises as the USD Weakens While U.S. and Iran Talk to End Their War

Gold traded higher early Monday as the U.S. dollar fell on hopes the United States and Iran are nearing a deal to end the three-month war that has caused the largest-ever energy supply shock.Gold for July delivery was last seen up $45.80 to US$4,602.20 per ounceThe rise comes as the countries continue talks to end the war that has kept the Strait closed for nearly three months, blocking much of the 20% of daily oil demand supplied by Persian Gulf nations. The Wall Street Journal reported Iran is willing to lift its blockade of the Strait in exchange for the United States ending its blockade of Iranian ports, though Iran warned a final deal is not imminent.The price of the precious metal has remained rangebound as investors turn to the dollar on fears central banks will hike interest rates to combat the rising inflation that has followed the war's closure of the Strait of Hormuz, shutting in most of the oil exports from Persian Gulf nations that supplied a fifth of daily oil demand.The dollar fell early, with the ICE dollar index last seen down 0.27 points to 98.97. Treasury markets were closed due to the U.S. Memorial Day holiday.