Spot gold climbed to $4,525.34 per ounce amid diplomatic progress in the Middle East despite lingering Fed and NFP concerns.
Gold prices recovered from early losses, rising 1.08% to $4,525.34 per ounce as ceasefire optimism in the Middle East countered broader macroeconomic unease. Spot silver followed, gaining 1.59% to $76.17 per ounce.
The gains came after diplomatic signals suggested a potential pause in hostilities between Israel and Hezbollah, though geopolitical risks remained elevated. Markets also braced for upcoming U.S. nonfarm payrolls data and persistent fears of further Federal Reserve rate hikes.
Trading sentiment was shaped by mixed headlines, including remarks from U.S. officials indicating progress in negotiations, though no formal agreement was confirmed.