Gold's Stability Amid U.S.-Iran Talks: A Safe Haven Amid Geopolitical Tensions?

Gold prices held firm on Thursday as market participants awaited the results of indirect nuclear talks between the U.S. and Iran in Geneva. Investors are keenly observing the negotiations, hoping for clarity on geopolitical risks that could affect the gold market.

Spot gold slightly declined by 0.1% to $5,165.77 per ounce, and U.S. gold futures also fell by 0.8% to $5,182.10. Analysts, including Razan Hilal from FOREX.com, noted that gold and silver struggled to surpass key resistance levels, a situation exacerbated by potential geopolitical developments.

Market watchers like Peter Grant from Zaner Metals remain optimistic about gold's long-term prospects despite possible short-term volatility. The market's attention is also on U.S. economic indicators, such as the Federal Reserve's interest rate decisions, which continue to influence financial landscapes.