COMEX gold gained 0.83%, or 37.50 points, to $4,570 an ounce. The precious metal advanced as investors monitored developments in the West Asia, where uncertainty surrounding negotiations between the United States and Iran continued to underpin demand for safe-haven assets.
Market sentiment remained cautious despite reports that Washington and Tehran were continuing talks aimed at reaching an agreement. Concerns over the possibility of renewed conflict and ongoing regional tensions, including Israel’s military operations against Hezbollah in Lebanon, kept investors focused on geopolitical risks.
At the same time, oil prices moved higher, with Brent crude and US crude futures gaining as traders weighed the potential impact of any disruption to energy supplies from the region. Rising oil prices also reinforced concerns about inflationary pressures, adding another layer of support for gold.
Silver, however, underperformed. COMEX silver fell 0.43%, or 0.327 points, to $75.585 an ounce.
Broader financial markets remained supported by continued enthusiasm for artificial intelligence and semiconductor-related stocks, with several Asian equity markets posting gains. However, investors largely refrained from taking aggressive positions ahead of key US economic data releases this week, including the May payrolls report and comments from Federal Reserve officials.
Traders are also assessing the outlook for US interest rates, with persistent inflation concerns and firm energy prices prompting markets to reassess expectations for monetary policy over the remainder of the year.
–With agencies inputs