Gold extended its gains after posting its biggest daily advance since late March, as optimism over a potential US-Iran deal pressured oil prices and eased inflation concerns, News.Az reports, citing Bloomberg.
Bullion traded above $4,700 an ounce after rising 3% on Wednesday.
Lower energy prices weighed on bond yields, while the US dollar slipped to pre-war levels—supportive conditions for gold, which is priced in dollars and does not yield interest.
Iran is reportedly evaluating a new US proposal aimed at ending a nearly 10-week war, according to a person familiar with the matter. China has also added its voice to growing international pressure to end hostilities.
US President Donald Trump has repeatedly suggested during the conflict that a deal is close, though no agreement has been reached. On social media Wednesday, he said the US would end its military campaign and lift its blockade of the Strait of Hormuz “assuming Iran agrees to give what has been agreed to, which is, perhaps, a big assumption.”
“Headlines of a potential peace deal have the precious metals and base metal complex on the front foot this morning,” TD Securities strategists including Ryan McKay said in a note. “We caution these headlines remain extremely fragile to reversal as US and Iranian demands seemingly remain unchanged compared to prior proposals.”
Despite market optimism, Federal Reserve Bank of Chicago President Austan Goolsbee and St. Louis Fed President Alberto Musalem warned that inflation remains above the 2% target, signaling continued caution on policy.
Gold has fallen 11% since the conflict began in late February, as the closure of the Strait of Hormuz and resulting energy price shock raised inflation concerns that could keep interest rates higher for longer.
Spot gold rose 0.2% to $4,701.96 an ounce at 1:59 p.m. in Singapore. Silver gained 0.6% to $77.83 after jumping 6.2% on Wednesday. Platinum declined, while palladium advanced. The Bloomberg Dollar Spot Index was unchanged after falling 0.6% in the previous session.
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