Gold futures edge up after report on diplomatic ceasefire talks

Gold bars

Gold futures rose slightly on Monday, while silver prices declined, following a report on diplomatic efforts to reach a ceasefire, despite the latest threat by Donald Trump to escalate the conflict.

June gold futures rose 0.16%, or $7.6, to $4,687.3 per ounce as of 09:14 a.m. Makkah time.

Meanwhile, spot gold fell 0.47% to $4,654.79 per ounce, while platinum spot prices declined about 0.39% to $1,981.63, and palladium rose 0.52% to $1,512.3 per ounce.

Silver futures for May delivery dropped 0.6% to $72.49 per ounce, while spot silver fell 1.02% to $72.23.

The dollar index—measuring its value against a basket of major currencies—held steady at 100.11 points.

Trump had given Iran a 10-day deadline on March 26 to reopen the Strait of Hormuz, which expires this evening, but extended it by an additional 20 hours on Sunday.

Since the start of the conflict, gold prices have declined by about 12%, while energy prices have risen, heightening inflation concerns amid reduced expectations for interest rate cuts.