(Bloomberg) — Gold steadied after the US and Iran agreed to further nuclear talks, as an American military build-up in the Middle East kept markets on edge about the potential for conflict.
Bullion was near $5,180 an ounce, having risen 0.4% in the previous session, and is on track for a weekly gain. Washington and Tehran will continue negotiations next week after making “significant progress” on Thursday, according to mediator Oman, opening the door for further diplomacy. However, a person familiar with the US position said the officials left the talks disappointed with progress.
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The US and Iran have been locked in a tense standoff over the Islamic Republic’s atomic activities, trading threats while President Donald Trump has ordered the biggest US military build-up in the Middle East since 2003. That has supported bullion’s advance in recent days.
Gold has gained about 20% so far this year, finding a footing back above $5,000 an ounce after an abrupt pullback from a record high in late January. Bullion is on track for its seventh straight monthly gain, which would be the longest streak since 1973. Ongoing geopolitical and trade tensions, as well as the so-called dollar debasement trade and concerns about the Federal Reserve’s independence, have added impetus to a multiyear rally.
As the market has stabilized, investors have also been adding to their holdings in gold-backed exchange-traded funds. Inflows this week through Thursday more than offset selloffs seen earlier this month.
Meanwhile, traders are also watching for clues on the Fed’s next move on interest rates. Fed Bank of Chicago President Austan Goolsbee said on Thursday that several cuts are possible this year if inflation declines, while Fed Governor Stephen Miran repeated calls to cut rates by a full percentage point in 2026, despite recent data showing an improving labor market.
Spot gold edged down 0.1% to $5,181.34 an ounce as of 3:38 p.m. in Singapore. Silver rose 2% to $90.03. Platinum climbed 5.2% and palladium advanced more than 3%. The Bloomberg Dollar Spot Index, a gauge of the US currency, was flat.
–With assistance from Preeti Soni.
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