Gold steady as markets focus on potential US-Iran peace deal
Gold prices held largely steady near a one-week high on Thursday as investors remained on the sidelines awaiting further details on a potential U.S.-Iran peace deal, News.az reports, citing Reuters.
FUNDAMENTALS
* Spot gold was unchanged at $4,688.16 per ounce, as of 0059 GMT, after rising about 3% on Wednesday to its highest level since April 27.
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* U.S. gold futures for June delivery rose 0.1% to $4,696.60.
* Iran said on Wednesday it was reviewing a U.S. peace proposal that sources said would formally end the war while leaving unresolved the key U.S. demands that Iran suspend its nuclear programme and reopen the Strait of Hormuz.
* Stocks surged to fresh records, dollar and oil prices dropped on Wednesday after a report that the United States and Iran are closing in on an agreement to end their war.
* On the data front, U.S. private payrolls increased more than expected in April, the ADP's national employment report showed on Wednesday.
* Investors now await the monthly U.S. employment report, due on Friday, which will serve as a test of whether the U.S. economy remains resilient enough to keep the Federal Reserve's monetary policy on hold, or whether a softening labour market could revive the case for rate cuts.
* Fed officials said on Wednesday the ongoing U.S.-backed war with Iran is raising the risk of a sustained inflation shock, with continued high oil prices and developing concerns about problems with global supply chains.
* SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, said its holdings fell 0.2% to 942.50 metric tons on Tuesday.
* Spot silver fell 0.2% to $77.16 per ounce, platinum gained 0.1% to $2,062.50, and palladium was down 0.3% at $1,533.25
By Faig Mahmudov
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