Why Did Gold Prices Not Drop Significantly Despite Major Progress in Geneva Negotiations?

Currently, the market remains highly cautious and observant regarding the so-called "major progress" in the Geneva negotiations. Although Oman has sent positive signals, these statements are limited to technical communication and discussions. The core disagreements on Iran's nuclear issue—such as zero enrichment, uranium transfer, missile development, and other key topics—still have not been substantively resolved.

Meanwhile, the U.S. still maintains the "10-15 days" final deadline pressure. The U.S. military deployment and mobilization have been fully completed, and the risk of negotiations breaking down at any moment has not fundamentally decreased.

Based on this, the geopolitical risk premium embedded in gold prices has only been slightly absorbed by the market and has not been fully stripped away. This directly limits the downside space for gold prices, preventing a sharp decline despite the progress in negotiations.