Gold falls on firm dollar, oil-led inflation fears as US-Iran talks stall
Mon Apr 27 2026
Gold fell on Monday, pressured by a firm dollar, while higher oil prices heightened fears of inflation and higher-for-longer interest rates as US-Iran peace talks remained stalled. Spot gold was down 0.3 per cent at $4,694.26 per ounce, as of 0059 GMT. Last week, the metal lost 2.5 per cent to snap a four-week winning streak.
US gold futures for June delivery fell 0.9 per cent to $4,697.60. US President Donald Trump said on Sunday Iran could telephone if it wants to negotiate an end to their two-month war and stressed it can never have a nuclear weapon, after Tehran said the US should remove obstacles to a deal, including its blockade of Iran's ports.
Trump cancelled a trip by two US envoys to Iran war mediator Pakistan on Saturday, dealing a setback to peace prospects following Iran foreign minister's departure from Islamabad after speaking only to Pakistani officials. Oil prices rose, the dollar inched higher and US stock futures slipped as stalled US-Iran peace talks prolonged the disruption of Middle East energy exports, unsettling markets and policymakers ahead of a packed week of central bank meetings.
Republican Senator Thom Tillis on Sunday said he would allow Senate confirmation of Federal Reserve chair nominee Kevin Warsh to go forward after the Department of Justice on Friday dropped an investigation into Fed Chair Jerome Powell. In contrast, gold premiums in India climbed last week to their highest point in 2-1/2 months as supplies tightened, while buying interest picked up in China.
SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.2 per cent to 966.30 metric tons on Thursday. Investors now await the US Federal Reserve's interest rate decision, after its two-day meeting, on Wednesday.
Spot silver fell 0.3 per cent to $75.48 per ounce, platinum lost 0.3 per cent to $2,005.15, and palladium was down 0.3 per cent at $1,492.22.