Gold prices rose Monday morning as investors followed the ongoing US-Iran talks in Switzerland while assessing the outlook for US monetary policy after the US Federal Reserve's tightening signals last week, as per stock market trading data.
Accordingly, spot gold rose 0.8% to $4,194.83 an ounce, while US gold futures rose 0.9% to $4,211.66. The precious metal had fallen 1.4% last week, ending its third straight session of declines.
Gold rose after Iranian officials reported progress in talks with the US. That helped ease concerns about a prolonged disruption to global energy supplies and put downward pressure on oil prices.
Lower oil prices, in turn, eased inflation concerns, supporting gold as they eased expectations that rising energy prices could prompt the US Federal Reserve to tighten monetary policy more aggressively.
Among other precious metals, silver rose 1.6% to $66.03 an ounce, while platinum rose 0.3% to $1,671.60.
Source: https://news.am/en/news/1044986