Singapore: Gold prices held steady on Thursday as investors closely monitored progress in nuclear negotiations between the United States and Iran, while weighing signals from the US Federal Reserve and movements in bond yields.
Spot gold traded near 2,030 dollars an ounce in international markets, showing little change during the session. US gold futures also edged slightly higher. The metal found support from falling US Treasury yields, which reduce the opportunity cost of holding non interest bearing assets such as gold.
Market sentiment remained cautious as talks aimed at reviving the Iran nuclear agreement continued with mediation support. Reports indicated some progress in discussions, but no final breakthrough has been reached. Negotiations are expected to continue at technical levels in the coming days. The possibility of easing tensions in the Middle East has limited strong safe haven demand for gold.
At the same time, the US dollar remained firm near recent highs, making gold more expensive for buyers using other currencies. Investors are also assessing signals from the Federal Reserve, as expectations that interest rates could stay higher for longer continue to cap gains in bullion prices.
Despite the subdued movement, gold remains supported by global uncertainty. Ongoing geopolitical tensions, trade policy concerns and economic risks have kept demand for safe assets strong. The metal is on track for another monthly gain, reflecting sustained investor interest.
Other precious metals also moved higher. Silver gained during the session, while platinum and palladium recorded notable increases amid improved investor demand.
Analysts say gold is likely to trade within a narrow range in the near term as markets await clearer signals from diplomatic developments and US monetary policy. Any escalation in geopolitical tensions could push prices higher, while a diplomatic breakthrough may reduce safe haven demand.