(Bloomberg) — Gold rose amid hopes for a deal to end the standoff between the US and Iran that\u2019s dashed expectations for rate cuts from central banks across the world.<\/p>\n
Most Read from Bloomberg<\/p>\n
Bullion rose as much as 0.9%, after adding 1.5% in the previous session. Iran delivered a new proposal to the US via Pakistan, Iran\u2019s state-run Islamic Republic News Agency said on Friday, as the two sides pursue behind-the-scenes diplomacy to turn a fragile ceasefire into a lasting peace. Oil futures sank.<\/p>\n
Gold has lost around 12% since the conflict began at the end of February, as the closure of the Strait of Hormuz and resulting energy price shock dimmed the prospect of interest rate cuts, a headwind for non-yielding bullion.<\/p>\n
Most analysts are still bullish on the precious metal, with the latest data by the producer-funded World Gold Council showing that central banks added gold holdings in the first quarter at the fastest pace in more than a year.<\/p>\n
\u201cThere\u2019s not a ton of conviction around the near-term trajectory, even if the medium-term bull story, which we agree with, is still broadly consensus,\u201d Greg Shearer, head of precious and base metals research at JPMorgan Chase & Co.<\/p>\n
Continued retail buying in China had helped support prices in recent months he said, and the broad trend of central bank accumulation was still intact. A clear de-escalation in the Middle East and an accompanying dip in interest rate expectations and the dollar would mean \u201cit\u2019s game-on again for gold,\u201d he said.<\/p>\n
Spot gold rose 0.4% to $4,634.62 an ounce at 3:46 p.m. in London. Silver rose 2.9% to $75.87 an ounce. Platinum and palladium also edged higher. The Bloomberg Dollar Spot Index, a gauge of the US currency, fell 0.2% after losing 0.8% on Thursday.<\/p>\n
Most Read from Bloomberg Businessweek<\/p>\n
\u00a92026 Bloomberg L.P.<\/p>\n","protected":false},"excerpt":{"rendered":"(Bloomberg) — Gold rose amid hopes for a deal to end the standoff between the US and Iran…\n","protected":false},"author":2,"featured_media":93049,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[4],"tags":[1824,2670,34,32843,32844,69,22018],"class_list":["post-93048","post","type-post","status-publish","format-standard","has-post-thumbnail","category-tehran","tag-bloomberg","tag-central-banks","tag-iran","tag-islamic-republic-news-agency","tag-rate-cuts","tag-tehran","tag-world-gold-council"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@iran\/116500117763799212","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/posts\/93048","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/comments?post=93048"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/posts\/93048\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/media\/93049"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/media?parent=93048"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/categories?post=93048"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/tags?post=93048"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}