Gold prices rose slightly on Wednesday as the dollar weakened. Investors watched for progress in US-Iran peace talks and comments from Federal Reserve officials. Upcoming PCE data also drew attention for clues on monetary policy.
Spot gold moved up during the session. A softer dollar provided support while traders assessed geopolitical developments between the United States and Iran. Market participants also tracked remarks from US central bankers ahead of the next inflation reading.
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Indian stocks and the rupee fell sharply on Wednesday after US President Donald Trump signaled the end of a truce with Iran. Fresh US strikes on Iran and rising oil prices triggered the selloff. Gold and silver prices also extended losses in Mumbai trading.
Gold prices remained unchanged as progress in U.S.-Iran peace talks provided some regional stability. Rising expectations for a December Federal Reserve interest rate hike weighed on the metal. Traders increased bets on the rate increase.
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Gold prices gained more than 1 percent following the announcement of a peace deal between the United States and Iran. The agreement aims to end the conflict, halt the US blockade, and reopen the Strait of Hormuz. Markets reacted positively as oil prices fell sharply.
Gold prices have held in a narrow $4,600-$4,800 range for almost two months despite persistent geopolitical tensions, as high interest rates and a strong U.S. dollar offset safe-haven demand. Analysts urge patience, with a breakout likely tied to central bank policies.
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Asian markets rose on Monday, supported by demand for artificial intelligence stocks despite tensions in the Middle East affecting oil prices.
The US dollar ended the session at 3,644.61, down 22.45 from the prior TRM. The move aligns with crude prices rising over 2% after US attacks on Iran.
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Global stocks reached record highs after President Trump indicated progress in Iran negotiations. The news eased geopolitical tensions, boosting technology shares in South Korea. Brent crude oil prices fell amid the positive market sentiment.