Gold prices rise as dollar extends losing streak; Iran talks in focus

Gold prices rose in Asian trade on Thursday as persistent weakness in the dollar benefited metal markets, with focus remaining on more potential ceasefire talks between the U.S. and Iran.

The gold metal remained close to a near one-month high hit on Wednesday, as hopes of a de-escalation in the Iran war boosted risk appetite and also cooled concerns over sticky inflation.

XAU/USD rose 0.9% to $4,835.09 an ounce, while gold futures rose 0.7% to $4,857.05/oz by 01:21 ET (05:21 GMT).
Other precious metals also advanced on Thursday. Spot silver jumped 2.4% to $80.8165/oz, while spot platinum rose 1.6% to $2,147.21/oz, with both metals remaining close to one-month highs.

Gold rises as dollar falls for ninth straight session; Iran talks eyed
Gold and broader metals benefited from sustained weakness in the dollar, as improving risk appetite sapped haven demand for the greenback.

The dollar hit a six-week low on Thursday, also coming under pressure from soft producer inflation data released earlier this week.

U.S. President Donald Trump signaled earlier this week that extended talks with Iran were possible in the coming days, and that an end to the Middle East war was close. Trump also said that separate talks between Israel and Lebanon will take place in Washington on Thursday.

Still, Trump’s comments came amid reports that the U.S. was deploying thousands of additional troops to Iran, while a naval blockade against the country also took full effect this week.
But a ceasefire between the two sides appeared to be holding.

Markets were holding out for more peace talks between Washington and Tehran, especially with the ceasefire set to expire on April 21.