Business Recorder
Gold prices rose more than 1% on Monday, supported by a weaker dollar and lower oil prices, as investors weighed prospects of a breakthrough in U.S.-Iran peace negotiations. Fundamentals Spot gold rose 1.4% to $4,570.88 per ounce by 0045 GMT. US gold futures for June delivery gained 1.1% to $4,572.90. The dollar fell, making greenback-priced bullion more affordable for holders of other currencies. US President Donald Trump said on Sunday he had told his representatives not to rush into any deal with Iran, as his administration played down hopes of an imminent breakthrough in the three-month-old war that had been raised a day earlier. A day earlier, Trump said Washington and Iran had “largely negotiated” a memorandum of understanding on a peace deal that would reopen the Strait of Hormuz . Oil prices hit two-week lows on Monday on optimism that the U.S. and Iran were moving closer towards a peace deal even though they remained at odds over key issues. Kevin Warsh was sworn in as chair of the US Federal Reserve on Friday at a pivotal moment for an American economy where surging gasoline prices due to the Iran war are pushing up inflation and eroding consumer sentiment. Gold kept trading at a steep discount in India last week, as price volatility dampened demand, while premiums eased in China. Gold speculators cut net long position by 6,239 contracts to 94,388 in the week to May 19. Spot silver climbed 3.9% to $78.42 per ounce, platinum rose 1.9% to $1,959.85, and palladium was up 1.9% at $1,373.25.
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