Gold maintained its position on Thursday, as concerns over inflation driven by rising oil prices and escalating global interest rates were counterbalanced by optimism surrounding a possible peace agreement between the U.S. and Iran. Spot gold remained stable at $4,543.96 per ounce as of 0104. Bullion experienced an increase exceeding 1% on Wednesday, following a decline to its lowest point since March 30 earlier that same day. U.S. gold futures for June delivery increased by 0.2%, reaching $4,545.50.

On Wednesday, U.S. President Donald Trump indicated that negotiations with Iran were nearing completion, while cautioning of potential further assaults should Iran fail to reach an accord. He noted that Washington was prepared to spend several days to “obtain the correct answers. Iran has issued a caution regarding the potential for renewed assaults. If aggression against Iran occurs again, the anticipated regional conflict will spread beyond the region this time,” the Revolutionary Guards declared.

On Wednesday, U.S. Treasury yields and oil prices experienced a decline as optimism surrounding a potential agreement between the U.S. and Iran to resolve the Middle East conflict increased, concurrently with a rise in major stock indexes. Minutes from the Federal Reserve’s April meeting indicated that a majority of Fed policymakers believed “some policy firming would likely become appropriate” should inflation remain persistently above the central bank’s 2% target. Fed officials observed that a stable unemployment rate alongside two months of robust job creation suggests that the labor market continues to demonstrate resilience and does not require lower interest rates for support.

SPDR Gold Trust, recognized as the largest gold-backed exchange-traded fund globally, reported a 0.2% reduction in its holdings, bringing the total to 1,041.74 metric tons as of Tuesday. Spot silver remained unchanged at $75.96 per ounce, while platinum decreased by 0.2% to $1,947.37, and palladium dropped by 0.1% to $1,368.75.