Gold prices fell on Friday, April 24, 2026, after news that the United States and Iran were preparing to hold the next round of peace talks, but SPDR Gold Trust, the world’s largest gold ETF, logged another sizable daily outflow. For the week, gold declined, marking the first weekly drop after four consecutive weeks of gains.
At the New York close, spot gold rose by $17.00 to $4,710.80 per ounce, up 0.36%, according to Kitco. Spot silver edged up $0.25 to $75.81/oz. On the COMEX, gold futures settled up 0.4% at $4,740.90/oz.
The session saw gold oscillating between declines and gains, reflecting investor nerves ahead of more news on the US–Iran conflict. At times the price dipped toward around $4,650/oz on signs tensions remain high and oil stays elevated, fueling inflation fears and expectations of higher rates for longer. Later, gold rebounded when news suggested talks might resume; however, gains were limited as traders remained cautious about a prompt peace agreement.
To reflect this cautious mood, SPDR Gold Trust sold 2.6 tonnes of gold on Friday, reducing its holdings to 1,046.6 tonnes. For the week the fund sold 14 tonnes after buying 13.4 tonnes the prior week.
The U.S. dollar index fell on Friday, helping support gold, but the metal ended the week higher. The dollar index settled at 98.51, down 0.26% on the day, while it rose 0.42% for the week, underscoring the dollar’s role as a safe-haven amid ongoing Middle East tensions. This was the dollar’s first weekly gain after two weekly declines. Year-to-date, the index has risen about 0.19% after slipping roughly 10% last year.
Analysts warned that as long as the US and Iran have not ended hostilities, gold could face near-term downside pressure. Conversely, a swift peace agreement could relieve downward pressure on gold.
News on war, crude oil, and the USD will continue to be major drivers of gold prices since the conflict intensified in late February. In March, gold fell as the conflict pushed the USD and oil higher, creating inflation concerns and prompting expectations for further rate hikes by major central banks. Recently the conflict has stalled, the Hormuz Strait remains closed, and oil remains elevated even as attacks have subsided.
Since the beginning of April, investors have hoped for a peaceful resolution, which has helped gold recover in some sessions. But every report of talks breaking down or stalling has sent prices back down.
On Friday, Pakistani government sources told Reuters that Iran's Foreign Minister Abbas Araghchi would travel to Islamabad to restart talks with the United States but would not meet directly with US officials. In other positive development, Israel and Lebanon extended their peace talks by three weeks.
On the US side, White House spokesperson Karoline Leavitt confirmed that special envoy Steve Witkoff and Jared Kushner would travel to Pakistan on Saturday to hold direct talks with Iranian officials. 'Iran has requested to negotiate and wants to meet face-to-face,' Leavitt said on Fox News.
This market is clearly being driven by headlines, and uncertainty remains high. Headlines now suggest the US and Iran could reach a peace agreement, and taken in a broader context, investors see the overall trend as positive.
