Gold prices attempted a recovery on Friday, climbing back above $4,700 per ounce as cautious optimism emerged over possible progress in US–Iran peace negotiations. According to Al Jazeera, Iranian Foreign Minister Abbas Araghchi is expected to arrive in Islamabad on Friday evening, citing Pakistani government sources. These sources pointed to a “high likelihood of a breakthrough” in the ongoing talks between the United States and Iran.
The visit comes on the heels of recent Iranian–Pakistani discussions on a ceasefire, though significant uncertainties persist. US President Donald Trump reiterated that he wants a “great deal” but is “not in a rush.” Despite Friday’s rebound, gold remains on track for a weekly decline, as peace talks have yielded only limited progress so far, while the continued closure of the Strait of Hormuz has pushed energy prices higher. Rising inflation risks and the prospect of interest rate hikes continue to pressure non-yielding bullion.
