Gold prices edged higher on Monday after slipping to their lowest level in more than a month, supported by a weakening U.S. dollar and easing geopolitical tensions that have tempered safe-haven demand.
Spot gold rose 0.5% to $3,290 per ounce by 06:13 GMT, recovering from its lowest point since 29 May earlier in the session. U.S. gold futures also gained 0.4%, reaching $3,301.
Market sentiment was buoyed by easing trade friction between the U.S. and China, as well as improving geopolitical conditions. This shift boosted risk appetite and lifted global equities, while weighing on the dollar, which fell 0.3%. A softer dollar typically supports gold by making it cheaper for buyers using other currencies.
“There is less of a ‘doom and gloom’ outlook surrounding both tariff talks and events in the Middle East, which is relegating gold to play second fiddle to risk assets,” said Tim Waterer, Chief Market Analyst at KCM Trade.
Asian stock markets strengthened, and Wall Street futures pointed higher as traders responded to diplomatic progress. U.S. Treasury Secretary Scott Bessent on Friday cited key breakthroughs in negotiations over rare earth shipments from China and said several trade deals could be finalized by the 1 September Labor Day deadline.
In a related development, Canada rescinded its planned digital services tax on U.S. tech companies just hours before implementation, a move aimed at reviving stalled trade talks with Washington.
Meanwhile, a ceasefire between Iran and Israel appeared to be holding after 12 days of conflict, contributing to the broader decline in safe-haven demand.
Waterer noted that while gold found support from a weakening dollar, the $3,250 level remains a key technical threshold.
“Any breach of this level could see losses accelerate towards the $3,200 level,” he added.
Gold’s performance continues to be weighed by stable global conditions and a high-interest-rate environment, which dulls the appeal of non-yielding assets like bullion.
In other precious metals, spot silver gained 0.5% to $36.16 per ounce, platinum rose 2% to $1,366.63, and palladium increased 1.6% to $1,151.36.
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Pope Leo is set to visit France from 25 to 28 September, with a stop at UNESCO headquarters in Paris expected to form a significant part of the trip.
Israeli airstrikes killed at least seven Palestinians in Gaza on Friday (15 May), including a child, as Israel said it had launched an operation targeting Hamas military commander Izz al-Din al-Haddad.
The Trump administration plans to announce criminal charges against former Cuban president Raul Castro next Wednesday, according to a U.S. Justice Department official, in a move that would escalate the pressure campaign against the island's communist government.
Iran’s Foreign Minister Abbas Araghchi said Tehran has “no trust” in the United States and will only consider negotiations if Washington shows seriousness. His remarks came as talks on Iran’s nuclear programme continued, with Trump and Xi also opposing Iran acquiring nuclear weapons.
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U.S. President Donald Trump said Washington could destroy Iran’s infrastructure “in two days,” while Tehran warned the U.S. would face growing economic costs from the conflict. The remarks came as Hezbollah reported new attacks on Israeli forces despite an extended Lebanon ceasefire.
Foreign ministers from the expanded BRICS bloc gathered in New Delhi on Thursday (14 May) for a crucial two-day meeting overshadowed by the ongoing Iran war, internal tensions within the grouping and mounting fears over global energy supplies.
Russia and Ukraine exchanged prisoners of war as well as the bodies of fallen soldiers, on Friday (15 May). The swap came as Ukranian officials said Moscow had carried out its largest aerial attack over 48 hours since the conflict started.
Negotiations between Samsung Electronics and its workforce on Wednesday have broken down, officials said, raising fresh concerns over potential disruption to South Korea’s export-heavy economy.
By the time American shoppers began noticing higher prices on everything from trainers to televisions, the world's two largest economies were already deep in a trade war that left the world wondering how it would end.
The Strait of Hormuz remains a vital maritime chokepoint and serves as the primary artery linking the Persian Gulf to international energy markets. With approximately 20% of global oil and gas shipments transiting this waterway, it is the backbone of energy security for Asia, Europe, and beyond.
China’s exports grew faster than expected in April, as overseas buyers moved quickly to secure supplies amid fears that the conflict involving Iran could drive up global energy and transport costs.
Asian stocks surged to record highs on 7 May as investors priced in growing hopes of a potential Middle East peace deal, while oil prices eased and the U.S. dollar weakened amid shifting global risk sentiment.
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