Spot gold climbs 0.2% to $4,547.68 an ounce amid lower US bond yields and renewed US-Iran negotiation hopes.
Gold prices edged higher as US bond yields fell up to three basis points on reports of a potential temporary waiver on Iran oil sanctions. The move followed optimism over a breakthrough in US-Iran talks, which could ease geopolitical tensions in the Strait of Hormuz.
Bullion has remained range-bound since a sharp decline early in the conflict, pressured by inflation concerns and growth uncertainties. The metal is down over 13% since the war began, with investment demand weakening due to expectations of higher interest rates.
Spot gold rose 0.2% to $4,547.68 an ounce in New York trading, while silver gained 0.86%. The Bloomberg Dollar Spot Index declined 0.2%, supporting precious metals.