Spot gold has found some support, and investors seem to be convinced...

On Monday, spot gold in Asian trading hovered around the $4,600 mark and rebounded, but subsequent buying interest was weak. Bloomberg, citing Axios, reported that the US, Iran, and regional mediators are discussing a possible 45-day ceasefire, which could lead to an end to fighting. This news suppressed safe-haven demand for the dollar, providing some support for gold prices.
The outlook for rising global interest rates limits the upside potential for non-yielding gold. Investors seem to be convinced that the war-driven surge in energy prices will reignite inflation pressures, forcing major central banks, including the Federal Reserve, to adopt a more hawkish stance. On Monday, oil prices rose to nearly four-week highs amid US President Donald Trump's threat that if the Strait of Hormuz is not reopened by Tuesday, strikes will be launched against Iran's power plants and bridges. Additionally, Tehran proposed new conditions, stating that if some transit revenues are used to compensate Iran for war-related damages, passage through the strategic waterway could be restored.
Advisor to Iran's Supreme Leader, Ayatollah Khamenei, warned that resistance forces might target the Bab el-Mandeb Strait in the Red Sea—another critical chokepoint. This increases the risk of further disruption to global trade routes and continues to support high oil prices. Meanwhile, a strong US jobs report released last Friday showed that the labor market remains resilient, fueling market speculation that the Federal Reserve will keep interest rates higher for longer to combat inflation. This outlook is positive for the dollar and puts pressure on gold prices. #Gate广场四月发帖挑战