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Gold holds steady below $4,700 as traders eye US jobs report, potential US-Iran peace deal
Gold price (XAU/USD) holds steady near $4,685 during the early Asian session on Friday. Traders prefer to wait on the sidelines ahead of the key US employment data for April, which is due later in the day.
Fxstreet
Thu, May 7
Gold holds above $4,700 as Hormuz tensions revive USD demand
Gold (XAU/USD) edges higher on Thursday during the North American session amid heightened tensions in the Middle East due to rumors that the US is looking to restart Project Freedom. At the time of writing, XAU/USD trades at $4,705 after reaching a daily high of $4,764.Fxstreet
Thu, May 7
Silver price rallies to multi-week highs as Oil slump, softer Dollar lift XAG/USD
Silver (XAG/USD) extends its strong rally on Thursday, with the white metal trading around $80.60 at the time of writing, up 4.19% on the day. XAG/USD is reaching fresh multi-week highs, supported by lower Oil prices, declining US Treasury yields and broad weakness in the US Dollar (USD).Fxstreet
Thu, May 7
Gold holds near two-week highs as US-Iran deal hopes weigh on US Dollar
Gold (XAU/USD) holds firm on Thursday, hovering near two-week highs as price action remains driven by geopolitical headlines, with traders awaiting further clarity around a possible peace deal between the United States (US) and Iran.Copper: Geopolitics and demand tensions shape outlook – ING
ING’s Ewa Manthey and Warren Patterson note that industrial metals, including Copper, rallied on Wednesday as progress towards a US-Iran deal improved risk appetite and eased fears of an energy shock, before paring gains on Thursday.
Fxstreet
Thu, May 7
WTI Oil dips to levels approaching $90.00 amid Hormuz opening rumours
Crude Oil prices extend losses for the third consecutive day on Thursday, with the US benchmark West Texas Intermediate (WTI) trading at $90.66 at the time of writing, as progress in the US-Iran peace talks has sparked speculation about the reopening of the Strait of Hormuz.Gold: Energy-driven rate hopes support prices – ING
ING’s commodities strategists Ewa Manthey and Warren Patterson report that Gold rallied as hopes of a US-Iran deal pushed Oil prices lower, easing inflation concerns and weighing on yields while the Dollar stayed near pre-war levels.Fxstreet
Thu, May 7
WTI consolidates below $93.00 as traders assess likelihood of US-Iran peace deal
West Texas Intermediate (WTI) – the benchmark US Crude Oil price – oscillates in a range during the Asian session on Thursday and, for now, seems to have stalled the previous day's modest bounce from sub-$87.00 levels, or over a two-week low.Gold sticks to positive bias above $4,700, close to over one-week high on weaker USD
Gold (XAU/USD) trades with a positive bias for the third straight day and holds steady above the $4,700 mark during the Asian session on Thursday, just below a one-and-a-half-week high set the previous day.Fxstreet
Thu, May 7
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