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Gold prices fell in Monday trading, unable to hold the $4,700/oz level, as diplomatic efforts to resolve the U.S.–Iran conflict appeared to remain stalled.
At the close, spot gold in New York traded at $4,683.2/oz, down $27.6/oz from the previous session’s close, a decline of about 0.6%, according to Kitco data.
Spot silver fell by $0.17/oz to $75.64/oz.
On the COMEX futures market, the June 2026 gold contract fell 1%, closing at $4,693.7/oz.
Crude oil continued to rise in the first trading session of the week, supporting an inflation outlook that could keep interest rates higher for longer. Brent crude futures on the London market rose nearly 3%, closing at $108.23 per barrel.
The U.S. dollar index eased slightly, reducing some downside pressure on gold. The Dollar Index declined 0.04% to close at 98.5.
TD Securities’ Chief Global Strategist Bart Melek said the market remains skeptical about a quick deal to reopen the Hormuz Strait, which is pressuring gold and silver lower. He added that with inflation running well above target, it would be difficult for the U.S. Federal Reserve to cut rates in the coming months.
Over the weekend, President Donald Trump unexpectedly canceled the trip of U.S. negotiators to Pakistan and said that if Iran wants to negotiate, it should contact Washington. Reuters quoted Pakistani officials involved as intermediaries in peace talks between Washington and Tehran as saying efforts to bridge the two sides have not ended.
Meanwhile, ongoing closures at the Hormuz Strait continued to tighten global oil supply, with Brent futures reaching a three-week high.
Investors on the international gold market will focus on major central bank meetings this week for updated assessments of how the Gulf crisis may affect the economy.
The Fed meeting will be held on Tuesday and Wednesday, and it will be the last meeting chaired by Jerome Powell before the end of his term next month. In addition to the Fed, the Bank of Canada (BoC), the Bank of England (BoE), the European Central Bank (ECB) and the Bank of Japan (BOJ) will meet this week.
Market participants are looking for policymakers’ latest views on the economic impact of the U.S.–Iran war and the outlook for monetary policy. Any signals pointing to inflation concerns or rate hikes would be unfavorable for precious metals.
The world’s largest gold ETF, SPDR Gold Trust, recorded a net outflow of 2.3 tonnes on Monday, bringing its holdings to 1,044.3 tonnes. Last week, the fund sold about 14 tonnes.
In early Asia trading, gold and silver prices rose slightly. At 6:30 a.m. Vietnam time, spot gold was up nearly 0.2% from the U.S. close, trading at around $4,692/oz. Converted at Vietcombank’s USD buy rate, this corresponds to about 149 million VND per tael. Silver rose about 0.6% to around $76.1/oz.
At the same time, Vietcombank’s website quoted the USD at 26,108 VND (buy) and 26,368 VND (sell).
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