Gold prices extended their losses and slipped below $4,900 per ounce, while silver and platinum also moved lower. With markets in China and the United States closed for holidays, trading volumes remained thin, and a modest rebound in the U.S. dollar added further pressure to precious metals.
Investors are closely watching upcoming nuclear talks between the United States and Iran in Geneva, taking place against a backdrop of heightened military tensions in the Middle East. Despite the geopolitical risks, safe-haven demand for gold has remained muted, as traders continue to act cautiously following the sharp selloff seen since late January.
In recent trading, spot gold fell to around $4,898 per ounce, with futures hovering near $4,916. Silver dropped nearly 3%, while platinum posted more modest losses. At the same time, the U.S. dollar index edged higher, weighing on commodity prices, including gold.
Market attention this week is firmly on key U.S. economic data releases and the minutes from the Federal Reserve’s latest policy meeting. Industrial production figures and the Personal Consumption Expenditures (PCE) price index — the Fed’s preferred inflation gauge — are expected to provide further clues about the future path of interest rates.
Uncertainty surrounding U.S. monetary policy, especially following the nomination of a new potential Federal Reserve chair, has been a major headwind for gold in recent weeks. Although inflation has cooled slightly and the labor market shows resilience, investors are still waiting for clearer signals before reassessing the outlook for precious metals.
