Gold prices climbed during Asian trading on Thursday, supported by an extended decline in the U.S. dollar, while investors continued to watch for developments around potential ceasefire negotiations between the United States and Iran.
The metal hovered close to a one-month peak reached in the previous session, as expectations of easing tensions in the Iran conflict lifted market sentiment and reduced concerns about stubborn inflation pressures.
Spot gold rose 0.9% to $4,835.09 per ounce, while gold futures added 0.7% to $4,857.05 per ounce as of 01:21 ET (05:21 GMT).
Other precious metals also moved higher. Silver gained 2.4% to $80.8165 per ounce, and platinum advanced 1.6% to $2,147.21 per ounce, with both trading near recent monthly highs.
Dollar slide underpins metals; Iran developments in spotlight
Gold and other metals were supported by continued dollar weakness, as improving risk appetite reduced demand for the U.S. currency as a safe haven.
The dollar fell to a six-week low on Thursday, weighed down in part by softer producer inflation data released earlier in the week.
U.S. President Donald Trump indicated that further discussions with Iran could take place in the coming days and suggested that an end to the Middle East conflict may be within reach. He also said that separate talks between Israel and Lebanon are scheduled in Washington.
However, these remarks came alongside reports of increased U.S. troop deployments in the region and the full rollout of a naval blockade targeting Iran.
Even so, the ceasefire between the two sides appeared to be holding.
Markets remain focused on the likelihood of further negotiations, particularly with the current ceasefire set to expire on April 21.
Copper supported by solid Chinese growth data
Among industrial metals, copper prices also pushed higher after stronger-than-expected economic data from China, the world’s largest importer.
Benchmark copper futures on the London Metal Exchange rose 0.5% to $13,350.33 per tonne, while COMEX copper futures gained 0.8% to $6.1250 per pound.
Data released Thursday showed China’s economy expanded 5% year on year in the first quarter, exceeding expectations and pointing to a strong start to 2026.
The expansion was largely driven by exports, as global demand for Chinese goods remained firm. This trend is expected to continue in the near term, supporting demand for copper.
However, China still faces risks tied to the Iran conflict. Higher energy costs could weigh on domestic consumption, while disruptions to global shipping routes may also impact export activity.
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