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Gold prices declined during Asian trading on Monday after recording solid gains last week, as rising oil prices and a stronger U.S. dollar reduced investor demand for the precious metal. Market sentiment shifted after U.S. President Donald Trump rejected Iran’s latest response to a proposed peace agreement, raising concerns over prolonged geopolitical tensions in the Middle East.
Spot gold fell 0.8% to $4,677.82 per ounce, while U.S. gold futures dropped 0.8% to $4,694.34 in early trading. Despite the decline, gold had gained more than 2% last week amid hopes that a potential U.S.-Iran deal could ease tensions and stabilize global energy markets.
Investor confidence weakened after Trump reportedly described Tehran’s latest proposal as “totally unacceptable,” signaling a possible deadlock in negotiations. Iran’s counteroffer allegedly sought sanctions relief, security assurances, and recognition of parts of its nuclear program, while Washington continued to demand stricter limits on uranium enrichment and expanded international oversight.
At the same time, oil prices surged sharply. Brent crude climbed over 3% to trade above $104 per barrel, while U.S. West Texas Intermediate crude approached $99. Higher oil prices increased fears that global inflation could remain elevated, potentially forcing central banks, including the Federal Reserve, to maintain higher interest rates for longer periods.
The stronger U.S. dollar also pressured gold prices. The U.S. Dollar Index rose 0.1% in Asian trading after stronger-than-expected U.S. payroll data reinforced expectations that the Federal Reserve may delay interest rate cuts. A firmer dollar typically makes gold more expensive for foreign buyers, reducing overall demand.
Investors are now closely watching upcoming U.S. inflation reports and Trump’s scheduled visit to China later this week. Discussions with Chinese President Xi Jinping are expected to focus on Iran, trade relations, and global energy security.
Other precious metals also moved lower, with silver falling 0.7% to $79.76 per ounce and platinum dropping 1.3% to $2,031.60 per ounce.
