Gold rate today: Safe-haven yellow metal has witnessed a significant fall over 9% since the beginning of US-Iran war on February 28. As the talks between both the countries failed without a deal, market analysts expect further near-term downside in gold prices.
However, the precious metal saw a weekly gain of over 2% as the market anticipated a positive update on US-Iran truce talks.
On Friday, spot gold held steady at $4,761.79 per ounce, while U.S. gold futures closed 0.6% lower at $4,787.40.
US-Iran war ceasefire talks
Talks between Iran and the United States held in Islamabad ended without an agreement, with a senior Iranian official blaming “excessive demands” from the American side.
Delegations from both countries met in Islamabad on Saturday, April 11, for peace negotiations, but after nearly 21 hours of discussions, the talks collapsed without reaching an outcome.
Before leaving for the US, Vance said, “We leave here with a very simple proposal, a method of understanding that this is our final and best offer. We’ll see if the Iranians accept it.”
The US Vice President added that Tehran’s refusal to abandon its nuclear programme remained a major sticking point.
US-Iran ceasefire negotiation failure impact on gold prices
According to Anuj Gupta, SEBI Registered Research Analyst, gold is likely to witness a flat to gap-down opening if geopolitical tensions escalate further.
Further escalation in the US-Iran war is likely to lend support to crude oil prices, he added.
Gupta further said that gold may witness some profit booking or mild correction amid expectations of tighter monetary policy by central banks in response to persistent inflation.
“The recent run of weaker-than-expected US data—including unemployment, CPI, and GDP figures—signals a slowing economy, which should help limit any sharp downside and provide underlying support to prices. In the near term, gold is expected to trade in the range of $4,650 to $4,800,” he said.
Gold prices near-term outlook
Ponmudi R, CEO of Enrich Money, believes that sentiment appears cautiously optimistic, with a selective buy-on-dips approach favoured near key support levels.
He further noted that volatility is expected to persist, given the evolving global backdrop and ongoing geopolitical developments.
On the technical outlook, he said that COMEX Gold is trading near the $4,750–$4,800 zone after witnessing a steady recovery from last month’s sharp decline. Recent price action suggests that the metal is entering a stabilisation phase, with prices attempting to build a short-term base after a period of heightened volatility.
“On the daily structure, gold is holding above the important support band of $4,650–$4,600, which coincides with recent swing lows and continues to act as a near-term demand zone. This indicates that downside pressure is easing, while upside momentum is gradually attempting to rebuild, although confirmation is still awaited. A breakdown below this support region could extend the correction toward $4,400–$4,300, where stronger buying interest is expected to emerge,” Ponmudi said.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
