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Gold Prices Fall as US-Iran Conflict, Rising Oil Prices Fuel Fed Rate Concerns 
Gold prices moved higher on Monday as investors closely followed developments in U.S.-Iran negotiations and evaluated the future direction of U.S. monetary policy after the Federal Reserve’s recent hawkish stance.
Spot gold increased 0.8% to $4,194.83 per ounce, while U.S. gold futures gained 0.9% to reach $4,211.66. The rebound comes after bullion recorded a 1.4% weekly decline and suffered losses across three consecutive trading sessions.
The precious metal found support from signs of progress in diplomatic discussions between the United States and Iran held in Switzerland. Iranian officials reported positive developments during the talks, while mediators from Qatar and Pakistan indicated that both sides had agreed on a framework for broader negotiations. Additional technical discussions are expected to continue throughout the week.
Improved prospects for a diplomatic resolution helped ease concerns about potential disruptions to global energy supplies, leading to weaker crude oil prices. Lower oil prices can reduce inflationary pressures, which in turn supports gold by lessening expectations that the Federal Reserve will need to adopt a more aggressive monetary tightening strategy.
Brent crude oil also trimmed earlier gains after reports of progress in negotiations, despite ongoing geopolitical concerns surrounding the Strait of Hormuz.
However, gold’s upside remains limited by expectations that U.S. interest rates may stay elevated for longer. Investors continue to assess last week’s Federal Reserve meeting, where policymakers maintained a cautious approach and signaled that additional rate hikes remain possible if inflation risks persist.
Analysts at ING noted that while geopolitical uncertainty should continue to provide underlying support for gold prices, a prolonged high-interest-rate environment in the United States could restrict further gains in the near term.
Meanwhile, the U.S. Dollar Index remained near a 13-month high, adding pressure to precious metals. Market participants are now focused on the upcoming U.S. Personal Consumption Expenditures (PCE) price index report, a key inflation measure that could offer fresh insight into future Federal Reserve policy decisions.
Among other precious metals, silver rose 1.6% to $66.03 per ounce, while platinum edged 0.3% higher to $1,671.60 per ounce.
