Gold advanced after US President Donald Trump again pushed back his deadline for securing a deal with Iran to end the war in the Middle East.<\/p>\n
Bullion rose as much as 2.3% to top $4 475 an ounce, having fallen almost 3% in the previous session as doubts grew over a potential ceasefire agreement. Trump pledged to refrain from attacks on Iranian energy sites for a further 10 days, offering a brief respite to markets jolted by nearly a month of conflict. Equities extended gains and oil prices steadied.<\/p>\n
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Since the war began nearly a month ago, gold has fallen about 15%, moving largely in tandem with stocks and in an inverse relationship with oil. Spiking energy prices have raised the risk of inflation and led investors to bet that central banks will keep interest rates unchanged or hike them. That\u2019s a headwind for non-yielding bullion.<\/p>\n
Adding further downward pressure, Turkey\u2019s central bank sold and swapped about 60 tons of gold \u2013 worth more than $8 billion \u2013 during the first two weeks of the war, marking a sharp drawdown in reserves, according to people familiar with the matter. Elevated central-bank buying had been a pillar of bullion\u2019s rally over the last couple of years.<\/p>\n
Spot gold rose 1.9% to $4 460.16 at 2:22 p.m. Singapore time. Silver advanced 2.5% to $69.76. Platinum and palladium also gained. The Bloomberg Dollar Spot Index fell 0.1% after ending the previous session up 0.4%.<\/p>\n
\u00a9 2026 Bloomberg<\/p>\n<\/p><\/div>\n