WASHINGTON (dpa-AFX) - Extending the losses from yesterday's session, gold prices edged marginally lower on Thursday as market participants await the upcoming second round of peace talks between the U.S. and Iran amid the release of new jobs data.
Front Month Comex Gold for June month delivery has dipped by $12.20 (or 0.25%) to $4,811.40 per troy ounce.
Front Month Comex Silver for June month delivery has plunged by $1.029 (or 1.29%) to $78.885 per troy ounce.
The ceasefire in the U.S. war against Iran is set to expire by April 22.
Last weekend, the first round of peace talks between a high-level delegation from the U.S. headed by Vice President JD Vance and an Iranian team held in Islamabad, Pakistan, was deemed a 'failure' by U.S. President Donald Trump.
Later, Trump ordered U.S. naval forces to block all ships travelling to and from Iranian ports across the Strait of Hormuz.
Iran warned of severe retaliation and stated that no port in the gulf would be spared if the U.S. goes ahead with the blockade and vowed to block trading through the Red Sea along with the Gulf and Sea of Oman.
The blockade has been fully enforced by the U.S. naval forces stationed near Iran impartially for all vessels. The Pentagon announced that nearly 13 ships have been asked to turn around.
The threat of an expansive war pushed oil prices higher, forcing investors to avoid risky bets.
Over the past two days, through his interviews, Trump confirmed a second round of peace talks with Iran, again in Pakistan, which gave markets the required breather, thereby reviving the stock markets.
While a section of media speculated about an extension of the ceasefire, Trump stated that it was 'unnecessary.' Trump expressed optimism that the war with Iran was 'very close to over' and assured of amazing results through diplomacy.
Pakistan's Army Chief Asim Munir arrived in Iran yesterday to discuss the plans to coordinate the second round.
Meanwhile, a resolution to limit Trump's authority to wage a war failed in the U.S. Senate.
Trump is demanding that Iran should wind up its nuclear programs. He has been explicit about taking control of the Strait of Hormuz, even jointly.
Iran is seeking compensation for the massive damages due to the one-month-plus war.
Traders are unsure of how these three main sticking points would be resolved through the diplomacy route.
New York Federal Reserve President John Williams stated that with the pressure exerted on inflation by high energy costs due to the U.S.-Iran war, he would not support a rate cut at the upcoming Federal Open Market Committee meeting on April 28-29.
On the economic front, data released by the U.S. Department of Labor today revealed that unemployment benefit claims fell to 207,000 for the week ending April 11 from a downwardly revised 218,000 in the previous week. Continuing claims went up to 1,818,000 for the week ending April 4.
The four-week moving average for initial jobless claims (excluding week-to-week volatility) was 209,750 for the week ending April 11.
Since the start of the gulf war, gold prices have plunged by around 7.00% to 11.00%.
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