Spot gold climbs 0.7% as geopolitical tensions ease and the dollar weakens ahead of key economic data releases.
Gold prices advanced 0.7% to USD 2,350 per ounce, extending a three-day rally as investors bet on reduced Middle East tensions following progress in Iran nuclear talks. A softer dollar, down 0.3% against major peers, also boosted demand for the non-yielding asset.
The move follows gold’s 1.2% gain last week, its strongest since early April, as traders await U.S. inflation data later this week. Analysts note that gold remains sensitive to Fed policy expectations, with current pricing reflecting a 60% chance of a September rate cut.
Spot gold traded near session highs, while U.S. gold futures for June delivery settled 0.6% higher at USD 2,355 per ounce.