Gold up as markets gauge US-Iran ceasefire
Friday, 10 April 2026
Gold edged higher on Thursday, with investors assessing a tenuous ceasefire between the US and Iran as fighting in the Middle East continues, while looking ahead to key US inflation data amid price pressures, reports Reuters.
Spot gold edged 0.3 per cent higher to $4,728.18 per ounce, as of 0951 GMT, having hit its highest since March 19 on Wednesday. US gold futures for June delivery fell 0.5 per cent to $4,754.30.
"The weaker dollar is giving a bit of an uplift to gold at the moment but with fast news coming out of the Middle East, it does make markets a little bit un-tradeable from an investment perspective," said independent analyst Ross Norman.
The dollar held steady after sharp losses in the last session as traders kept their eyes fixed on whether the ceasefire between the US and Iran would hold.
Despite both sides declaring victory in a five-week-old war, key disputes remain unresolved, with US President Donald Trump warning of major escalation if Iran refuses a deal, while Israel killed more than 250 people in Lebanon, in its largest attack of the war yet.
Oil prices bounced back on concerns of continuing restrictions on energy flows through the Strait of Hormuz.
"Is (gold) eyeing the $5,000 level Yeah, for sure. But I think that that's a little way off just now. We have to see if and how the Strait of Hormuz does indeed open up," Norman added.
Bullion has shed more than 11 per cent since the war began on February 28, as surging oil prices have drastically reduced expectations of US interest rate cuts on heightened inflation concerns.
Minutes from the US Federal Reserve's March meeting showed that more policymakers felt rate hikes could be needed to counter inflation that continues to exceed targets.
Investors now await Personal Consumption Expenditures (PCE) data for February, due at 1230 GMT, for more cues on US monetary policy trajectory.
Among other metals, spot silver fell 0.3 per cent to $73.93 per ounce, platinum lost 0.5 per cent to $2,019.05 and palladium edged up 0.1 per cent to $1,556.91.