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Global gold prices rebounded on April 22 after dropping to their lowest level in more than a week in the prior session, supported by bargain buying as investors watched for signs that U.S.-Iran peace talks could resume.
Spot gold rose 0.5% to 4,735.65 USD/oz, after trading up as much as 1% during the session. Prices had earlier posted their biggest daily decline since March 26.
U.S. gold futures for June delivery rose 0.7% to 4,753.00 USD/oz.
Jim Wyckoff, Senior Market Analyst at Kitco Metals, said: “Bargain buying after Tuesday's retreat is showing up in the precious metals market like gold and silver.”
Investors also weighed geopolitical risk. Iran seized two vessels in the Strait of Hormuz on April 22. President Donald Trump said U.S. sanctions on Iran would continue and did not provide a specific timeline for a ceasefire, though there were no clear signs that peace talks would be renewed.
Meanwhile, the ceasefire between Israel and Lebanon faced additional pressure after at least three people were killed in Israeli drone strikes in Lebanon.
Gold was supported “somewhat as yields fall” and by expectations that the Hormuz Strait issue could be resolved following Trump’s remarks, according to Bart Melek, Global Head of Commodities Strategy at TD Securities. He added that the situation remains “fragile and uncertain.”
Gold has fallen about 11% since the U.S.-Israel conflict with Iran escalated on February 28, with oil prices rising and fueling inflation concerns. Although gold is often seen as an inflation hedge, higher interest rates can reduce demand for the non-yielding asset.
Separately, Fed chair candidate Kevin Warsh said he made no commitments to Trump regarding rate cuts and that he would act independently if confirmed.
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