Gold edges higher as dollar weakens on Iran talks hopes
Gold prices rose slightly in Asian trading on Thursday as the US dollar softened, with investors reassessing the outlook for diplomacy between Washington and Tehran. The move followed a period of tight trading, with gold hovering near 4,485 dollars per ounce earlier in the week amid volatile geopolitical signals from the Middle East.
Market sentiment shifted after reports indicated that Iranian authorities were reviewing a US proposal aimed at easing hostilities. Earlier confusion had weighed on sentiment after indications that indirect communications had been paused following heightened regional military activity involving Lebanon. The uneven signals kept traders cautious, as expectations for a sustained diplomatic breakthrough remained uncertain.
Currency markets reflected the same recalibration. The euro to dollar exchange rate rebounded from weekly lows near 1.1600, supported by reference data from European monetary authorities showing levels around 1.1614. Sterling also attracted modest buying interest after announcements of a partial ceasefire agreement involving Israel and Hezbollah, although reports of continued air activity in southern Lebanon limited confidence in the truce.
Oil markets added another layer of pressure and support dynamics for gold. Brent crude eased slightly from recent highs near 94 to 96 dollars per barrel, as concerns over disruptions in key shipping routes eased marginally. The softer oil tone reduced demand for the US dollar as a safe haven, indirectly supporting gold prices. Despite the rebound, analysts warned that upside potential in gold and risk-sensitive currencies remained constrained by persistent geopolitical fragility and unresolved tensions around strategic maritime corridors. Gold remains more than 10 percent below its earlier 2026 peak, while still posting strong annual gains driven by central bank demand and sustained geopolitical risk.
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