Gold prices were steady on Tuesday, as investors parsed a partial ceasefire between Hezbollah and Israel and awaited further details on U.S.-Iran negotiations amid growing concerns around inflation and interest rate hikes.
Spot gold was unchanged at $4,484.49 per ounce, as of 0048 GMT. U.S. gold futures gained 0.2% to $4,514.30.
Lebanon on Monday announced a partial ceasefire between Hezbollah and Israel, in what would amount to a limited de-escalation of a conflict that has killed thousands of people and inflamed the broader war with Iran.
Iranian state media said earlier on Monday that Tehran was halting indirect negotiations with the U.S. and might end a ceasefire that has largely held since early April, citing the war in Lebanon.
U.S. President Donald Trump, meanwhile, said that talks with Iran were ongoing “at a rapid pace.”
Investors are now looking out for U.S. non-farm payroll data and the employment report, both due later in the week, to assess resilience in the labour market amid mounting inflation concerns due to the Middle East conflict.
Also in focus are remarks from U.S. Federal Reserve policymakers, including Cleveland Fed President Beth Hammack and Fed Governor Michael Barr, to gauge the future monetary policy path.
SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.3% to 938.03 metric tons on Friday. [GOL/ETF]
Spot silver rose 0.2% to $74.92 per ounce, platinum gained 0.3% to $1,928.65, while palladium fell 0.2% to $1,359.25.
