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Gold prices rose 0.63% to near $4,680 per ounce as the U.S. dollar weakened against major currencies. The rally occurred amid speculation that U.S.-Iran nuclear talks may have collapsed, though Iranian media denied these claims. Oil prices also retreated from recent highs, reducing inflationary pressures that typically support gold. The dollar's decline was driven by dovish Federal Reserve signals and geopolitical tensions in the Middle East.
The move highlights gold's role as a safe-haven asset during geopolitical uncertainty and currency weakness. Traders are monitoring the dollar's performance against the euro and yen, which could further influence gold's trajectory. Central bank gold purchases, particularly from emerging markets, also remain a key factor in the bullion market.
Investors should watch for updates on U.S.-Iran relations and Fed policy guidance. A sustained dollar decline could push gold above $4,700, while renewed stability in oil prices might dampen gold's appeal. Technical indicators suggest resistance near $4,700 and support at $4,600.
