Gold prices moved higher during Asian trading on Thursday, supported by continued softness in the U.S. dollar, while investors kept a close watch on the possibility of renewed ceasefire discussions between Washington and Tehran.
The metal remained near a one-month high reached in the previous session, as expectations of easing tensions in the Iran conflict lifted overall risk sentiment and reduced concerns around persistent inflation.
Spot gold climbed 0.9% to $4,835.09 per ounce, while gold futures gained 0.7% to $4,857.05 per ounce as of 01:21 ET (05:21 GMT).
Other precious metals also posted gains. Silver surged 2.4% to $80.8165 per ounce, and platinum rose 1.6% to $2,147.21 per ounce, with both hovering close to recent monthly peaks.
Dollar weakness supports metals; focus on Iran negotiations
Gold and other metals were buoyed by ongoing dollar weakness, as improved risk appetite reduced demand for the U.S. currency as a safe haven.
The dollar slipped to a six-week low on Thursday, pressured in part by weaker-than-expected producer inflation data released earlier in the week.
U.S. President Donald Trump indicated that further talks with Iran could take place soon and suggested that a resolution to the Middle East conflict may be approaching. He also noted that separate discussions between Israel and Lebanon are scheduled to be held in Washington.
However, these comments came alongside reports of increased U.S. military deployment in the region and the full implementation of a naval blockade against Iran.
Even so, the ceasefire between the two sides appeared to be holding.
Markets remain focused on the prospect of additional negotiations, particularly as the current ceasefire is due to expire on April 21.
Copper gains on stronger Chinese growth
In industrial metals, copper prices also edged higher following 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 increased 0.8% to $6.1250 per pound.
Data released on Thursday showed China’s economy expanded by 5% in the first quarter, surpassing forecasts and pointing to a solid start to 2026.
The growth was largely driven by exports, with external demand for Chinese goods remaining firm. This trend is expected to persist in the coming months, supporting continued demand for copper.
Nevertheless, China still faces challenges linked to the Iran conflict. Rising energy costs could weigh on domestic consumption, while disruptions to global shipping routes may also affect export performance.