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Gold bounces back on encouraging US-Iran peace talks

Gold prices recovered on Monday after hitting a one-week low on Friday. The rebound follows reports of encouraging progress in peace talks between the US and Iran in Switzerland. However, hawkish signals from the US Federal Reserve continue to weigh on the metal's outlook.

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What changed

Gold prices rose on Monday after a three-session losing streak due to optimism surrounding US-Iran negotiations.

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  1. Gold Rebounds Following Progress in US-Iran Peace Talks

    Gold prices recovered on Monday after hitting a one-week low on Friday. The rebound follows reports of encouraging progress in peace talks between the US and Iran in Switzerland. However, hawkish signals from the US Federal Reserve continue to weigh on the metal's outlook.

    What's confirmed:

    • The first round of US-Iran talks took place in Switzerland and ended on Monday.
    • Gold prices rebounded on Monday after hitting their lowest level since June 11 on Friday.
    • Brent crude oil prices fell more than 3% following announcements regarding the talks.
    • The US and Iran agreed to a commitment to reach a final deal within 60 days.
    • Spot gold rose 0.5% to $4,182.39 per ounce by 1750 GMT on Monday.

    Still unconfirmed:

    • Traders see an 89% chance of a rate hike in December according to the CME FedWatch Tool.
    • US gold futures for August delivery settled 1% lower at $4,202.7 per ounce.
    • Spot gold was up 0.8% at $4,194.99 per ounce as of 0608 GMT.
    confidence 90%