Gold Nears $4,603 After Weekly Losses Amid Anticipation of Iran Talks Outcome

SadaNews - Gold and silver prices are experiencing fluctuations, especially after gold recorded a decline for the second consecutive week, as traders follow the progress towards reaching an agreement between the United States and Iran, and U.S. President Donald Trump's plan to begin directing some ships through the Strait of Hormuz.

The precious metal recorded about $4,603 per ounce. Trump stated in a post on social media on Sunday that the United States will begin, starting Monday, to direct some ships not involved in the dispute with Iran to exit through the Strait of Hormuz, noting "positive discussions" with Tehran.

This comes after Trump hinted on Saturday that the latest peace proposals from Tehran may not be sufficient to satisfy him.

The ongoing conflict has kept energy prices high, which reduces hopes for a decrease in interest rates by central banks, a negative factor for gold which does not yield returns. Gold has lost about 12% since the outbreak of war at the end of February.

Anticipation for Key Economic Data

Looking ahead, traders will focus on the U.S. Treasury Department's announcement this week regarding borrowing plans for the next three months, along with a series of speeches by Federal Reserve officials and a busy schedule of economic data headed by the monthly employment report.

These data are expected to provide indicators on the trajectory of interest rates and the fiscal deficit in the United States.

Many market watchers remain optimistic about gold's long-term prospects, supported by buyers who continued to purchase despite recent declines.

Latest data from the "World Gold Council" showed that central banks increased their gold holdings at the fastest pace in over a year during the first quarter, while "Tether Holdings" continued its purchases, making it the largest known holder of gold in the world outside of banks and nations.

Silver Price

Silver prices were also recorded near $75 per ounce.