WASHINGTON (dpa-AFX) - Gold prices have edged higher on Thursday as traders follow developments following the U.S.-Iran ceasefire. Iran permits restricted ship movement via the Strait of Hormuz, while Israel attacked Lebanon ahead of U.S.-Iran talks.
Front Month Comex Gold for June month delivery has climbed by $42.70 (or 0.89%) to $4,819.90 per troy ounce.
Front Month Comex Silver for June month delivery has soared by $1.132 (or 1.50%) to $76.800 per troy ounce.
The Middle East is cooling off from the nearly six-week war between U.S.-Israeli forces and Iran after a Pakistan-brokered two-week ceasefire was accepted by both the U.S. and Iran.
Delegations from both the nations are arriving in Islamabad, Pakistan on Friday, April 10, to utilize this two-week 'pause' to charter a framework for negotiations to end the conflict permanently.
The first round of discussions is scheduled to commence on Saturday, April 11. The U.S. negotiating team would be led by Vice President JD Vance.
Iran has offered a 10-point proposal for the U.S. to consider during bilateral talks.
With diplomacy overtaking aggressive military action, market participants prepared to resume regular moves, and yesterday, gold prices surged.
However, today via Truth Social, U.S. President Donald Trump cautioned that all U.S. ships, aircraft, military personnel, ammunition, weaponry, etc., will remain in place around Iran until a 'real agreement' is reached.
Trump added that if Iran fails to reach a deal, attacks will resume fiercer than before.
Trump reiterated his demand that Iran should stop making any nuclear weapons and reopen the Strait of Hormuz immediately and allow the safe passage of oil tankers.
Already Trump had warned that any country supplying military weapons to Iran would be tariffed 50% with no exclusions.
Since the ceasefire announcement late on Tuesday, only a few vessels have passed through the Strait of Hormuz.
Disagreeing that the ceasefire included Lebanon, Israel bombarded the country, targeting Hezbollah militant bases and killing at least over 200 people. Iran expressed anguish after the Lebanon attacks.
Lebanon's Prime Minister Nawaf Salam has asked Pakistan, which brokered the ceasefire talks, to confirm Lebanon's inclusion in the ceasefire.
Russian news agency TASS quoted an Iranian source as stating that Iran will allow no more than 15 vessels per day through the Strait of Hormuz. The permission is subject to Iran's approval for ships complying with Iran's specific protocol.
The shipping route will be monitored by the Islamic Revolutionary Guards Corps.
Iran has also demanded that all the blocked assets belonging to Iran be unfrozen in this two-week period.
Citing the risk of sea mines in the main zone, Iran has reportedly announced alternate channels for ships.
Around 230 vessels are stranded at sea, waiting for the strait to open up completely. Renewed supply disruption concerns supported oil prices.
WTI May month delivery was last seen trading at $96.69 a barrel, up by $2.19 (or 2.32%).
In the U.S., the Department of Labor revealed today that initial jobless claims rose by 16,000 from the previous week to 219,000 for the period ending April 4. However, continuing jobless claims decreased to 1,794,000 for the week ending March 28 from 1,832,000 in the previous week.
The four-week average for jobless claims increased to 209,500 on April 4 from 208,000 in the previous week.
According to the U.S. Bureau of Economic Analysis, the core Personal Consumption Expenditure index rose by 0.4% from the previous month in February 2026.
On an annual basis, the growth by the index slowed to 3.0% in February from 3.1% in January.
The PCE price index rose 0.4% month-over-month, meeting expectations and accelerating from January's 0.3% increase and rose 2.8% year-over-year.
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