.jpg)
2 hours ago
3
Article content
(Bloomberg) — Gold steadied after the US and Iran flagged early progress in negotiations to end the war that’s upended global markets and stoked inflation.
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
SUBSCRIBE TO UNLOCK MORE ARTICLES
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
or
Article content
Bullion was near $4,190 an ounce, having gained nearly 1% in the previous session to snap a three-day decline. US Vice President JD Vance said talks over the weekend with Iran were “very, very good” and Iranian officials also cited headway, although plenty of obstacles remain as the two sides look to fulfill a memorandum of understanding signed last week.
Article content
Article content
Article content
Among other things, a communication line between Tehran and Washington was formed with the aim of securing safe passage for vessels through the Strait of Hormuz. The US also issued a 60-day license allowing Iran to sell some oil on the international market. Crude prices edged higher on Tuesday after a decline.
Article content
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
Article content
“The gold and silver markets remain in thrall to external factors and are still reluctant to move either way,” Rhona O’Connell, head of market analysis for EMEA and Asia at StoneX Group Inc., wrote in a note. “The technical positions are not good for either metal, although some flows are improving.”
Article content
Gold is down about a fifth since the war began at the end of February, while silver has fallen more than 30%. The near-closure of Hormuz has choked oil and natural gas flows and pushed up energy prices, raising the likelihood that central banks will hike borrowing costs to combat inflation — a headwind for precious metals, which don’t pay interest.
Article content
The hawkish tone adopted last week by new Federal Reserve Chair Kevin Warsh jolted investors and offset the positive impacts from the interim US-Iran deal. The dollar has gained more than 1% since the last Fed meeting — another drag on gold that’s priced in the US currency. The greenback remains “the primary driver in the current environment,” said Ahmad Assiri, an analyst at Pepperstone Group Ltd.
Article content
Spot gold was little changed at $4,188.91 an ounce at 8:00 a.m. in Singapore. Silver slipped 0.2% to $64.94 an ounce. Platinum and palladium edged lower, while the Bloomberg Dollar Spot Index was also down marginally.
Article content
Advertisement 1
English (US)