WASHINGTON (dpa-AFX) - Offsetting the gains from yesterday, gold prices have edged lower on Thursday as the U.S. and Iran fail to reach a peace deal to end their war while the Presidents of U.S. and China meet to enhance trade and tech ties.
Front Month Comex Gold for June month delivery has inched lower by $18.20 (or 0.39%) to $4,688.50 per troy ounce.
Front Month Comex Silver for June month delivery has plunged by $4.021 (or 4.52%) to $85.035 per troy ounce.
The war between the U.S.-Israeli forces and Iran has entered the 76th day with a ceasefire announced early in April still holding.
The Strait of Hormuz, which Iran shut since the beginning of the war, remains closed as efforts for a U.S.-Iran peace deal did not conclude as expected.
U.S. President Donald Trump brushed away a counter-proposal given by Iran to end the gulf war as 'totally unacceptable'.
CNN reported that Trump is considering restarting the war against Iran, disillusioned by Iran's dilly-dallying on peace proposals.
NBS News reported that Pentagon is planning to rename the U.S. military offensive against Iran as 'Operation Sledgehammer' from 'Operation Epic Fury', indicating that the U.S. administration could recommence the war anytime.
Investors expect the Summit meeting between Trump and China's President Xi Jinping, which will feature discussions on many issues including the Middle East conflict, will help bring a solution to end the war and reopen the Strait of Hormuz.
Prior to departure, Trump stated that the U.S. does not need any help from China to end the war and added he can do it either through diplomatic process or otherwise.
However, since China is a close ally of Iran and a major importer of more than 90% of Iranian oil and it stands to benefit from the resumption of free traffic across the strait than any other nation, investors are anticipating Chinese intervention or mediation to restore normalcy in the gulf.
U.S. Vice President JD Vance said on Wednesday that the U.S. is continuing to make progress with Iran in the ongoing negotiations.
Meanwhile, in his address at the meeting of BRICS Foreign Ministers in India, Iran's Foreign Minister Seyed Abbas Araghchi vowed that Iran would never surrender to imperial pressure.
The U.S. Department of Labor's data revealed that the number of people claiming unemployment benefits increased by 12,000 from the previous week to 211,000 in the first week of May, above market expectations of 205,000.
Continuing jobless claims rose to 1,782,000 for the week ending May 2 from 1,758,000 of the previous week.
Data from the U.S. Census Bureau revealed that retail sales in the U.S. increased 0.50% month on month in April.
The U.S. Dollar Index was last seen trading at 98.77, up by 0.31 (or 0.31%).
Data released by the U.S. Bureau of Labor Statistics revealed that while export prices climbed by 3.30% month over month in April, exceeding market expectations of a 1.10% increase, import prices rose 1.90% month over month in April, again well above market expectations of a 1.00% increase.
On Tuesday, the data on consumer prices showed an increase by 0.60% month-over-month in April following a 0.90% surge in March.
On Wednesday, the Producer Prices Index showed a rise to 156.50 in April from 154.37 in March.
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