Gold rebounds from one-week low as Iran cites progress in peace talks

FUNDAMENTALS

Spot gold was up 1.2% at $4,209.03 per ounce, as of 0112 GMT. U.S. gold futures for ‌August delivery ⁠fell 0.5% ⁠to $4,225.80.

An Iranian foreign ministry spokesperson said good progress has been made during the quadrilateral talks in Switzerland, according to Iran’s Press TV.

Iran-U.S. peace talks in Switzerland stretched into their second day on Monday, after a tense opening marked by Tehran’s announcement it had again closed the Strait of Hormuz and U.S. President Donald Trump repeating his threats to resume attacks on Iran.

⁠Brent crude ‌futures fell 0.5% after Iran claimed progress in peace talks, easing fears of elevated inflation and higher-for-longer global interest rates.

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Federal Reserve ⁠Chair Kevin Warsh’s emphasis on inflation in last week’s press conference, without any more-nuanced commentary about what might clear the bar for a rate hike, led investors to conclude an increase was coming soon and begin bidding up bond yields.
Most global brokerages are betting on the Fed to hold interest rates steady for the rest of 2026, reversing from expectations of two interest rate cuts at the ‌start of the year, as policymakers navigate elevated inflation risks and a resilient labor market.
Gold demand was modest in India last week as prices fell to their ⁠lowest level in two-and-a-half months and remained volatile, while top consumer China flipped to a discount.
Swiss gold exports fell 9% in May from the previous month as lower shipments to India and Hong Kong offset higher deliveries to Britain and China, Swiss customs data showed.

Spot silver rose 2.6% to $66.60 per ounce, platinum gained 1.3% to $1,684.85, and palladium was up 1.5% at $1,276.88.

DATA/EVENTS (GMT)

0100 China Loan Prime Rate 1Y,

5Y Jun 1400 EU Consumer Confid Flash Jun