Progress in US-Iran negotiations prompts gold price to rebound from one-week low

1. On Monday, international gold prices rose by over 1%, rebounding from the one-week low reached in the previous trading day. As of 10:20 (UTC+8), spot gold reached a high of $4,220.71 per ounce, an increase of approximately 1.5%. Previously, Iran stated that the US-Iran peace talks held in Switzerland had made positive progress, which led to a decline in Brent crude oil prices and, in turn, eased market concerns over inflation and interest rate hikes.2. A spokesperson for the Iranian Ministry of Foreign Affairs said in an interview that the four-party talks had achieved good progress. The negotiations have now entered the second day. The first day was tense—Tehran announced once again the closure of the Strait of Hormuz, while US President Trump reiterated the threat of resuming attacks against Iran.3. On Monday, Qatar and Pakistan issued a joint statement regarding the first round of high-level US-Iran talks that concluded in Switzerland. The statement said that the talks, held within the framework of the Islamabad Memorandum of Understanding, took place in a positive and constructive atmosphere.4. Driven by news of progress in the negotiations, Brent crude oil futures fell 1.4% compared to last Friday’s closing price, helping ease market concerns about prolonged high inflation and global interest rates staying “higher for longer.”5. Swiss customs data further showed that Switzerland’s gold exports in May fell by 9% compared with the previous month, mainly due to reduced shipments to India and Hong Kong, which offset the increase in shipments to the UK and mainland China.