WASHINGTON (dpa-AFX) - Gold prices have ticked higher on Thursday amid conflicting reports of Iran's stance on moving its enriched uranium. While Iran is reviewing a U.S. response to its earlier peace plan, the continuing stalemate over the Strait of Hormuz capped the gains.
Front Month Comex Gold for June month delivery has inched higher by $2.80 (or 0.06%) to $4,538.10 per troy ounce.
Front Month Comex Silver for June month delivery has advanced by $0.529 (or 0.70%) to $76.450 per troy ounce.
The conflict between the U.S. and Iran has entered day number 83 today though a ceasefire announced early in April continues to hold.
Last week, through a series of messages through Truth Social, U.S. President Donald Trump urged Iran for an early settlement. On Sunday, Trump warned there would be nothing left of Iran if it fails to come up with a plan.
On Monday, Iran's Tasnim news agency reported that Iran had submitted a 14-point peace proposal to the U.S. through Pakistan. Pakistan's Interior Minister Mohsin Naqvi is in Iran to discuss issues related to the U.S.-Iran peace talks. Naqvi met Iran's Foreign Minister Abbas Araghchi and held negotiations also with President Masoud Pezeshkian, and other officials.
Iran's ISNA news agency reported that Iran's Foreign Ministry is currently reviewing a U.S. response to the proposal it had sent earlier.
The Strait of Hormuz, which was closed by Iran immediately after the war began, continues to remain blocked.
The transit of oil and tanker vessels is now being controlled by Iran's Islamic Revolutionary Guards Corps. Commercial naval carriers coordinating with Iran's authorities are let to pass.
Trump warned commercial shipping fleet operators not to comply with Iran's demands connected to transit approvals.
Trump paused his planned attacks scheduled for Tuesday at the request of Arab leaders but warned he may resume in a massively larger scale than before if talks do not succeed.
Trump's stance remains ambiguous as he first asserted that he has given Iran only a very limited period of time to respond. Hours later, he stated that there will be a deal and if not, the U.S. will do something 'a little bit nasty.'
In a crucial development, according to a Reuters report, Iran's Supreme Leader Ayatollah Mojtaba Khamenei has ordered that Iran's near-weapons-grade enriched uranium must remain inside Iran.
Israeli Prime Minister Benjamin Netanyahu had warned that he will not consider the war over until enriched uranium is moved out of Iran.
The nervousness that gripped energy markets in late February refuses to fade as concerns of an aggravation in supply disruption for an extended period of time in the event of a fresh war have increased.
However, tensions eased following an X post from a reporter Ali Hashem of Al Jazeera (citing a senior Iranian official) stating that the reports of an Iranian decree against the transfer of uranium out of Iran are false.
Data from the U.S. Labor Department revealed that the unemployment benefit claims fell by 3,000 to 209,000 in the second week of May, in line with market expectations of 210,000, indicating that the labor market is stable despite the global uncertainty prevailing due to the U.S.-Iran war.
Continuing jobless claims increased to 1,782,000 for the week ending May 9 from 1,776,000 of the previous week.
The unemployment rate in April was around 4.30%, unchanged from March.
The minutes of the April 28-29 meeting of the Federal Open Market Committee released yesterday revealed that a majority of policymakers were of the opinion that if inflation continues to remain above the central bank's 2.00% target, rate hikes could become necessary.
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