Gold Drifts Lower Below $4,750 Amid Trump’s Extension of a Ceasefire with Iran

FXStreetApr 23, 2026 12:27 AM

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Gold price edges lower to around $4,730 in Thursday’s early Asian session.
Trump said no firm deadline for the Iran proposal.
Traders will closely monitor the developments surrounding US-Iran negotiations to end the nearly two-month war.

Gold price (XAU/USD) trades in negative territory near $4,730 during the early Asian session on Thursday. The precious metal declines as traders remain cautious over US-Iran peace talks to end the nearly two-month war that has intensified global inflation concerns.

US President Donald Trump said the ceasefire agreed on April 7 would stay in place indefinitely while Washington waits for Iran to submit a new peace proposal, though Tehran says it has no plans to take part in negotiations imminently. US Vice President JD Vance had been prepared to fly to Islamabad on Tuesday to continue talks, before it became clear Iran would not send its own delegation.

Despite a ceasefire extension, tensions remain critical due to a naval blockade in the Strait of Hormuz and stalled peace talks. Ongoing disruptions in the key waterwall have boosted energy costs, which stoke inflation fears and raise the bar for cutting rates. Gold is often used amid geopolitical uncertainty but does not yield interest, making it less attractive when interest rates are high.

Traders will closely monitor the developments surrounding US-Iran negotiations. Optimism over peace talks or any signs of easing worries of further escalation in the Middle East conflict could drag the US Dollar (USD) lower and underpin the USD-denominated commodity price in the near term.

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