SENSEX   74,137.57

 -222.44

NIFTY   23,359.75

 -56.80

CRUDEOIL   8,885.00

+ 43.00

GOLD   154,479.00

 -1,261.00

SILVER   260,250.00

 -4,546.00

Updated - June 01, 2026 at 11:23 AM.

• Oil prices rise more than 2% in early trade
• Israeli PM orders troops to move ​further into Lebanon
• Gold still has potential to hit $5,500 by 2026-end, says analyst

Gold inched lower on Monday, pressured ​by a stronger dollar and rising crude oil ⁠prices, as investors awaited US President Donald Trump’s decision on a proposed deal to extend the ceasefire with Iran. Spot gold was down 0.3% at $4,521.25 ‌per ounce, as of 0520 GMT, after hitting a two-week high in the previous session. US gold futures for ‌August delivery fell 0.9% to $4,551.60.

The dollar rose, making ‌greenback-priced ⁠bullion more expensive for holders of other currencies.

“Oil’s uptick in ⁠price, combined with the still-elusive US-Iran deal, is just enough to keep gold off balance at the start of the week,” said Tim Waterer, chief market ​analyst at KCM Trade. Trump said ‌on Friday he would soon decide on a proposed deal to extend the ceasefire with Iran, though the two countries still appeared to differ on significant issues that have been ‌central to the conflict. The US said it struck Iranian military ​sites over the weekend, and Iran’s Revolutionary Guards said on Monday it had targeted a US base in ⁠response. Meanwhile, Israeli Prime Minister Benjamin Netanyahu ordered troops to move further into Lebanon in the battle against the Iranian-backed Hezbollah militant group, despite ‌a ceasefire announced more than six weeks ago.

Oil prices rose more than 2 per cent in early trading on Monday, stoking concerns around inflation and interest rate hikes. While gold is traditionally seen as a hedge against inflation, it loses its appeal in a high-interest-rate environment as a non-yielding asset. Federal Reserve Vice Chair for Supervision ‌Michelle Bowman said on Friday thatthe impact of the war in the Middle ​East on the economy, while still measured, could lead to persistent inflation that might require tighter monetary policy.

“By ⁠the end of 2026, gold still has potential to hit $5,500 should favourable ⁠circumstances arise, notably lower oil prices and a depreciation of the dollar, underpinned by continued robust central bank buying ‌and its role as a geopolitical and inflation hedge,” Waterer said. Spot silver rose 0.7 per cent to $75.81 per ounce, platinum gained 1.5 per cent to $1,945.15, ​and palladium rose 1.4 per cent to $1,372.75.

Published on June 1, 2026

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