WASHINGTON (dpa-AFX) - Regaining ground following yesterday's losses, gold prices have edged higher on Friday as expectations of an agreement between the U.S. and Iran rose amid reports of an upcoming meeting between the two nations.
Front Month Comex Gold for June month delivery has climbed by $20.70 (or 0.44%) to $4,744.70 per troy ounce.
Front Month Comex Silver for June month delivery has moved higher by $0.904 (or 1.19%) to $76.685 per troy ounce.
On Tuesday, U.S. President Donald Trump extended the ceasefire in the ongoing war between the U.S. and Iran.
During a briefing at the Pentagon today, U.S. Secretary of War Pete Hegseth stated that a limited number of vessels are transiting the Strait of Hormuz due to the risks posed by sea-mines planted earlier by Iran as well as due to concerns of attacks from Iran.
Hegseth reaffirmed that U.S. forces would respond strongly to attempts by Iran to lay mines again as ordered by Trump.
The U.S. Military ramped up the forces by sending aircraft carrier USS George HW Bush to the Middle East, while USS Gerald R. Ford anchors in the Red Sea and USS Abraham Lincoln is already present.
While confirming that Iran had seized two vessels this week, Hegseth called on countries dependent on oil and energy through Hormuz to find ways to meet their energy needs.
Hegseth repeated what Trump mentioned months before that 'this is much more their fight than ours.'
Urging Iran to come forward for negotiations, Hegseth warned Iran that 'the clock is not on their side.'
Soon after the war began, Iran shut down the Strait of Hormuz.
After Iran remained unresponsive to calls for peace talks, Trump ordered the U.S. navy to block all ships travelling to and from Iranian ports which was effectively enforced immediately.
Yesterday, in an interview with CNBC, the head of the International Energy Agency Fatih Birol stated that the world is losing 13 million barrels per day of oil since the war erupted.
Investors became impatient about the status of the Strait of Hormuz and awaited its reopening amid conflicting claims by the U.S. and Iran of having taken control of the waterway.
Today, Reuters reported (quoting a Pakistani source) that Iran's Foreign Minister Seyed Abbas Araghchi will arrive in Pakistan for peace talks. The second round of peace talks was supposed to take place this Tuesday, but Iran refused to participate.
IRNA, the state-run news outlet of Iran confirmed that Iran's Foreign Minister Abbas Araghchi will travel to Pakistan, and then Oman and Russia, starting Friday evening.
On the social media platform X, Araghchi mentioned that his trip is focused on bilateral matters and regional developments, without elaborating on the U.S. calls for peace talks.
Araghchi is expected to convey Iran's expectations from the U.S. to high-level officials in Pakistan.
CNN reported that U.S. Special Envoy Steve Witkoff and Trump's son-in-law Jared Kushner will likely represent the U.S.
Meanwhile, Israel and Lebanon also have agreed to prolong the mutually agreed ceasefire for three more weeks, lowering Middle East tensions further.
On the economic front, the University of Michigan's consumer sentiment index was revised up to 49.80 in April from an initial estimate of 47.60, according to final data.
The uncertainty over the war has resulted in a steep rise in crude oil prices, which has intensified concerns of long-term inflation, weakening rate-cut expectations by the U.S. Federal Reserve and many central banks.
This is exerting pressure on the prices of gold and silver. Reports of rapprochement between the two nations eased some pressure and pushed prices higher.
Copyright(c) 2026 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2026 AFX News
