Gold Holds Gains on US-Iran Optimism
Gold traded around $3,950 per ounce on Tuesday after rising nearly 2% in the previous session, recovering from one-year lows as oil prices dropped on signs of diplomatic progress between the US and Iran, easing inflation concerns. US President Donald Trump indicated progress in negotiations, while Iranian President Masoud Pezeshkian said his government had been given greater authority by the country's supreme leader to pursue peace talks. Gold has faced constant pressure this year as the conflict in the Middle East drove energy prices higher and fueled inflation, prompting central banks to raise interest rates. A global selloff in technology and AI stocks also triggered widespread liquidations, adding further pressure on precious metals markets. Meanwhile, investors are closely watching the US midterm elections, as the Trump administration and Republican Party face growing political pressure over elevated energy costs.
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Gold traded around $3,950 per ounce on Tuesday after rising nearly 2% in the previous session, recovering from one-year lows as oil prices dropped on signs of diplomatic progress between the US and Iran, easing inflation concerns. US President Donald Trump indicated progress in negotiations, while Iranian President Masoud Pezeshkian said his government had been given greater authority by the country's supreme leader to pursue peace talks. Gold has faced constant pressure this year as the conflict in the Middle East drove energy prices higher and fueled inflation, prompting central banks to raise interest rates.
A global selloff in technology and AI stocks also triggered widespread liquidations, adding further pressure on precious metals markets. Meanwhile, investors are closely watching the US midterm elections, as the Trump administration and Republican Party face growing political pressure over elevated energy costs.