Key Takeaways

• Gold slips: Spot gold fell 0.3% to $4,468.64 per ounce, while gold futures dropped 0.3% to $4,470.95.
• Near weakest since April: Prices remain close to their lowest levels since early April.
• Global inflation wave: A string of strong inflation readings worldwide reflects the Iran war’s energy shock.
• Hawkish central banks loom: Rising inflation expected to keep major central banks tight — a persistent headwind for gold.
• Trump and Vance sound optimistic: Both flagged progress toward an Iran peace deal, but bullion shrugged it off.
• Oil still disrupted: Middle East supply remains constrained, keeping energy-driven inflation in play.
• Bond yields near multi-year peaks: U.S. 10-year yields near a one-year high; 30-year yields close to 19-year peaks.
• Yield sell-off eases: The worst of the bond market panic has stabilized, but yields remain elevated.
• Silver catches a bid: Spot silver rose 0.4% to $73.9920/oz on bargain buying after a near 3% weekly decline.
• Platinum lags: Spot platinum fell 0.3% to a three-week low of $1,924.71 per ounce.
• Industrial demand cushions silver and platinum: Tighter supply expectations and industrial demand helped both metals outperform gold.

Gold prices fell slightly during Asian trading on Wednesday as markets remained on edge over the inflationary impact of the Iran war, even as U.S. officials flagged some progress in peace talks.

Spot gold fell 0.3% to $4,468.64 an ounce by 01:08 ET (05:08 GMT), while gold futures fell 0.3% to $4,470.95 per ounce.

Gold Remains Under Pressure as Inflation and Rate Concerns Persist

Spot prices remained close to their weakest levels since early April, with the yellow metal seeing little favor amid heightened concerns over rising inflation and interest rates.

A swathe of strong inflation readings from across the globe highlighted the inflationary impact of the Iran war in recent weeks, as global energy prices rose sharply.

This trend is expected to keep major global central banks largely hawkish in the coming months — a scenario that bodes poorly for gold. Higher rates increase the opportunity cost of investing in non-yielding assets like gold.

U.S. President Donald Trump and Vice President JD Vance on Tuesday flagged some progress toward a peace deal with Iran. But gold was little cheered by their comments, especially as oil supplies in the Middle East remained disrupted.

Gold was also spooked by a sharp increase in global bond yields over the past two weeks, as concerns over higher rates and inflation sparked a steep sell-down in government debt.

While the sell-down eased somewhat this week, bond yields remained close to multi-year highs. U.S. 10-year Treasury yields remained in sight of a one-year high, while the 30-year rate was close to 19-year peaks.

Silver Benefits from Bargain Buying; Platinum at 3-Week Low

Silver fared slightly better than its precious metal peers on Wednesday, seeing some bargain buying after logging deep losses in the past week.

Spot silver rose 0.4% to $73.9920 per ounce, but was still nursing a near 3% weekly decline.

Platinum lagged, with spot prices down 0.3% at a three-week low of $1,924.71 per ounce.

Both metals, like gold, have been battered by concerns over high interest rates since the onset of the Iran war. However, the two fared relatively better than gold, with expectations of tighter supplies and the angle of industrial demand helping to limit losses.