Gold edges higher as markets watch US-Iran talks

Gold bars

Gold and silver prices rose on Thursday, while the US dollar held steady, as inflation concerns eased and investors awaited signs of de-escalation between Washington and Tehran.

Gold futures for June delivery climbed 0.41%, or $20, to $4,843.6 per ounce as of 09:17 a.m. Makkah time.

Spot gold rose 0.57% to $4,818.26 per ounce, while spot platinum gained about 1.08% to $2,136.54 and palladium increased 1.63% to $1,593.96 per ounce.

Silver futures for May delivery rose 1.23% to $80.61 per ounce, while spot silver advanced 1.52% to $80.27.

Meanwhile, the US dollar index, which measures the currency against a basket of major peers, held steady at 98.04.

The US and Iran are considering extending the ceasefire to allow more time for negotiations to end the conflict that has disrupted global markets, Bloomberg reported, citing informed sources.

Both sides reached a preliminary agreement to continue diplomatic efforts following inconclusive talks held in Pakistan over the weekend, according to The Associated Press.