Gold retreats from one-month high as the dollar rises

Gold prices fell slightly today, after recording their highest level in a month during the session, with the dollar regaining some of its strength, while expectations of another round of peace talks between the United States and Iran reinforced appetite for risk.

The price of gold in spot transactions fell 0.3 percent to $4,828.07 per ounce, at 02:49 GMT, after recording its highest level since March 18 earlier in the session. US gold futures for June delivery settled at $4,851.30.

The dollar rebounded from its lowest level in more than a month, making commodities denominated in it, such as gold, more expensive for holders of other currencies.

Oil prices fell while stocks rose on hopes that Iran will resume talks with the United States to end the conflict that led to the closure of the Strait of Hormuz, one of the world’s main waterways for transporting crude oil and refined products.

Edward Meir, an analyst at Marex, said that gold prices are affected by news coming from the Middle East in the short term, with optimism that Washington and Tehran will begin talks.

Despite the slight decline, gold prices rose 1.6 percent this week against the backdrop of renewed hopes for peace talks between the United States and Iran.

Traders now believe that there is a 30 percent chance of reducing the US interest rate by 25 basis points this year, up from about 13 percent last week.

Before the war, there were expectations of two cuts this year.

As for other precious metals, the price of silver in spot transactions rose 0.8 percent to $80.15 per ounce, the price of platinum rose 1.1 percent to $2,126.14, while the price of palladium fell 0.1 percent to $1,585.60.