Gold Pares Losses After Report on Talks About Iran War Ceasefire

ub}lv0lbh7]hokitj[hydq37_media_dl_1.png BloombergArticle content(Bloomberg) — Gold clawed back some losses after a report about a diplomatic push for a ceasefire to the war in Iran, even as President Donald Trump ramped up his threats of escalation to the conflict that’s roiled global markets.Sign In or Create an AccountEmail AddressContinueor View more offersArticle contentBullion trimmed some losses to trade near $4,630 an ounce after declining as much as 1.6% earlier. The US, Iran and regional mediators are discussing terms for a potential 45-day ceasefire that could lead to an end of fighting, Axios reported, citing sources with knowledge of the talks.Article contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Article contentArticle contentOver the weekend, Trump threatened to bring “Hell” to Iran if it didn’t open the Strait of Hormuz, an ultimatum that Tehran rejected. The US president later said that he plans to hold a news conference at 1 p.m. on Monday and also posted about a Tuesday 8 p.m. Eastern Time deadline, without offering any details. Article contentTop StoriesGet the latest headlines, breaking news and columns.There was an error, please provide a valid email address.Sign UpBy signing up you consent to receive the above newsletter from Postmedia Network Inc.Thanks for signing up!A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Article contentOn March 26, Trump gave Iran a 10-day deadline to reopen Hormuz, which would expire Monday evening. The crucial waterway between Iran and the Arabian Peninsula has largely been closed since the war began in late February.Article contentGold has fallen around 12% since the conflict stated, as spiking energy prices — including US retail gasoline — stoked fears of inflation, with the prospects for rate cuts receding. Bullion’s haven appeal has also been dimmed by the need for investors to liquidate their positions and cover other losses.Article content“People are taking chips off the table to protect their assets,” said Robert Gottlieb, a market commentator and former precious metals trader at JPMorgan Chase & Co.Article contentMeanwhile, nonfarm payrolls in March rose the most since the end of 2024, according to Bureau of Labor Statistics released Friday. The increase will likely reinforce the Federal Reserve’s focus on inflation risks that are compounded by higher oil prices, reducing the likelihood of a reduction in borrowing costs. Non-yielding gold typically benefits from a low-rate environment.Article contentArticle contentThe spike in US gasoline prices felt by American consumers will be on full display when key US inflation data is released this week. Economists are forecasting a 1% increase in the consumer price index for March, which would be the sharpest one-month advance since 2022. The war has added more than $1 per gallon to prices at the pump, and crude oil climbed again on Monday.Article contentGold has also been rattled by Trump’s frequently contradictory messaging on the conflict, which has oscillated between threats to step up attacks and signals that the war is nearing an end. Bullion gained more than 4% last week, with Thursday’s decline breaking a four-day winning streak.Article content“The 200-day moving average has held for now, and the late-month recovery suggests that the sell-off phase may be easing,” said Charu Chanana, chief investment strategist at Saxo Markets in Singapore. “The picture is not yet fully clear,” and gold may still be weighed down by inflation risks and a broader market decline, she added. Article contentSpot gold was 1% lower at $4,629.52 an ounce at 11:34 a.m. Singapore time. Silver dropped 1.6% to $71.83. Platinum declined, while palladium was steady.

The Bloomberg Dollar Spot Index, a gauge of the US currency, was flat after ending the previous session up 0.3%.Article contentTrending U.S. within 'weeks' of oil shortages if war in Iran continues: Eric Nuttall Oil & Gas CRA denied taxpayer with multiple health issues the disability tax credit Personal Finance U.S. targets Canada’s cloud-computing move as trade irritant Economy The worst is yet to come for fuel prices: FP Video News Why rate watchers shouldn't take the Bank of Canada at its word Mortgages Share this article in your social networkCommentsYou must be logged in to join the discussion or read more comments.Create an AccountSign in Join the Conversation Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information. U.S. within 'weeks' of oil shortages if war in Iran continues: Eric Nuttall Oil & Gas CRA denied taxpayer with multiple health issues the disability tax credit Personal Finance U.S. targets Canada’s cloud-computing move as trade irritant Economy The worst is yet to come for fuel prices: FP Video News Why rate watchers shouldn't take the Bank of Canada at its word Mortgages