Oman, which has been mediating the U.S.–Iran nuclear talks, said progress was made on Thursday, but the hours-long discussions ended without a breakthrough that would help avert a potential U.S. strike, amid a major military build-up.
Separately, the U.S. Embassy in Jerusalem authorised the departure of non-emergency staff and family members from Israel, citing security reasons.
The benchmark 10-year U.S. Treasury yield fell to a three-month low, reducing the opportunity cost of holding gold. Streible said the next target for gold could be $5,450, with key support at $5,120.
U.S. data also showed producer prices (PPI) in January rose more than expected, signalling inflation could pick up in the months ahead. Markets were pricing in about a 42% chance of a 0.25 percentage-point U.S. rate cut in June, according to CME’s FedWatch tool.