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(Bloomberg) — Gold was steady as renewed clashes in the Middle East cast doubt over negotiations between the US and Iran to end the war that’s upended energy flows and heightened inflation concerns.
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Bullion was near $4,490 an ounce, having fallen as much as 0.6% in early trading before erasing losses. President Donald Trump said he’s optimistic the US can reach an interim peace deal with Tehran soon, disputing reports in Iranian state media that discussions with Washington had been suspended over fighting in Lebanon. Another round of talks between Israel and Lebanon is scheduled for Wednesday.
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Meanwhile, there were fresh attacks across the region. Iran fired ballistic missiles at Kuwait and Bahrain — which broke apart en route or were intercepted — while US forces conducted strikes on the Islamic Republic’s Qeshm Island, US Central Command said in a post on X. Oil advanced for a third day, with Brent crude climbing toward $97 a barrel.
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Bullion has moved largely in an inverse relationship with oil since the conflict began in late February. It fell sharply in the early days of the conflict and remains about 15% below its immediate pre-war level, though has traded in a narrow range for the last few weeks.
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The protracted disruption to energy flows via the Strait of Hormuz has raised concerns around global inflation, making central banks more likely to keep interest rates steady or even raise them — a headwind for precious metals, which don’t pay interest.
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US data released on Tuesday showed job openings jumped in April to the highest in almost two years and layoffs fell, reinforcing bets that the Federal Reserve will hold interest rates higher for longer. Meanwhile, Fed Bank of Cleveland President Beth Hammack said it’s reasonable to keep borrowing costs steady for now given uncertainties about the economic outlook, but officials may need to act soon to address elevated inflation.
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Spot gold edged down 0.3% to $4,475.30 an ounce as of 9:02 a.m. in Singapore. Silver was 0.6% lower at $74.60 an ounce, while platinum and palladium were down marginally. The Bloomberg Dollar Spot Index, a gauge of the US currency, was little changed.
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