Spot gold climbed 1.1% to $4,205.05 per ounce after U.S.-Iran nuclear talks in Switzerland signaled “major progress,” according to Iran’s foreign minister Abbas Araghi.
Price Movements
During Asian trading, the spot price surged while gold futures reversed, slipping 0.7% to close at $4,218.20 per troy ounce. The metal emerged from three straight days of declines, registering a 1.4% drop over the previous week.
Geopolitical Influences
Negotiations held in Geneva involved representatives from Qatar and Pakistan, who confirmed a framework aimed at a broader settlement and secured navigation through the Strait of Hormuz. Investors in the gold market noted the diplomatic shift