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Gold prices edged higher on Monday after a sharp decline in oil prices eased inflation concerns, boosting demand for safe-haven assets. The rally came after U.S. President Donald Trump delayed a planned military strike against Iran, raising hopes for a diplomatic agreement that could reopen the Strait of Hormuz and reduce tensions in the Middle East.
Spot gold (XAU/USD) climbed 0.3% to $4,053.37 per ounce, while Gold Futures gained 0.1% to $4,108.70. Other precious metals also advanced, with silver (XAG/USD) rising 0.8% to $58.09 per ounce and platinum (XPT/USD) adding 0.4% to $1,652.60.
Investor sentiment improved after Trump said Iran and other regional countries had requested additional time to finalize a deal aimed at reopening the Strait of Hormuz and addressing Tehran’s nuclear program. The comments reduced fears of an immediate military escalation, triggering a steep drop in oil prices of more than $5 per barrel during Asian trading.
Lower crude prices helped ease expectations of sustained inflation, reducing the likelihood that elevated energy costs would force the Federal Reserve to maintain tighter monetary policy. At the same time, the U.S. Dollar Index slipped below the key 100 level, making dollar-priced gold more affordable for international buyers and providing additional support for bullion.
Despite the gains, the outlook for gold remains tied to expectations for U.S. interest rates. Three Federal Reserve officials who dissented at last week’s policy meeting reiterated on Friday that inflation remains above target and argued that an immediate rate hike was necessary to preserve the central bank’s inflation-fighting credibility.
Higher interest rates generally pressure non-yielding assets like gold because they increase the opportunity cost of holding bullion.
Markets are now closely watching a series of key U.S. economic reports, including JOLTS job openings, the ADP private payrolls report, weekly jobless claims, and Friday’s nonfarm payrolls data. These releases are expected to provide fresh insight into the strength of the labor market and the Federal Reserve’s next policy decision, which could determine the near-term direction of gold prices.
