WASHINGTON (dpa-AFX) - Gold prices have edged higher on Monday, partially offsetting the losses from the two previous sessions, as investors weighed Iran's announcement that a delegation from Qatar visited Iran to discuss de-escalation of regional conflicts against reports stating that the U.S. could commence fresh attacks against Iran.
Front Month Comex Gold for December delivery has moved higher by $34.00 (or 0.85%) to $4,041.90 per troy ounce.
Front Month Comex Silver for December delivery has also advanced by $0.386 (or 0.72%) to $54.335 per troy ounce.
The U.S.-Israeli attacks on Iran that began by late February and erupted into a war after Iran's retaliation, is set to enter its ninth month.
Last week, the New York Times reported that the U.S. and Israel are planning to conduct joint military attacks against Iran. It added that the strikes may commence after the U.S. midterm elections, which are slated to be held in the first week of November.
According to the report, preparations are underway to target Iran's nuclear installations, energy infrastructures, and missile and drone facilities. The report, however, did not rule out scope for negotiations.
U.S. President Donald Trump also stated that the U.S. was not in a rush for a temporary peace agreement but rather wanted a long-lasting solution.
In addition, leaders from both nations made conflicting remarks about the authority over the Strait of Hormuz as well as on the number of vessels passing through the strait.
The Financial Times reported that U.S. Ambassador to the United Nations, Mike Waltz observed that the U.S. is preparing for a long-term struggle with Iran that could last a year.
Supply disruption concerns pushed crude oil prices sharply higher last week, with oil prices catapulting over 5%.
Amid this, Iran's Foreign Ministry stated that a delegation from Qatar visited Iran on Sunday as part of ongoing negotiations with regional countries.
In addition, senior officials from Saudi Arabia, Turkey, and Pakistan (Mecca Defense Alliance) are in Iran for talks over regional security. The Iranian delegation will be headed by Mohsen Rezaei, Secretary of Iran's Supreme National Security Council.
Seen as a development to de-escalate the ongoing U.S.-Iran conflict, the news led to easing of crude oil prices.
As a result, oil-linked inflationary concerns initially lowered, and gold prices moved higher early in the trading session.
Elsewhere in the Middle East, the Houthis intensified their attacks on Saudi Arabia over the past week.
The Iran-backed militant group claimed striking an airport and oil facilities in Saudi Arabia on Saturday.
On Sunday, Saudi Arabia reported intercepting a fresh wave of missiles and drones.
However, a report by CNN on Monday stated that U.S. forces in the Middle East are set to launch new and potentially major military operations against Iran 'within 96 hours of receiving' an order from Trump.
Sources stated that the scope of the operation would not be simply to attack Iranian assets that Iran could reconstitute quickly but that 'it will be a big effort.'
On the economic front, data released by the Chicago Fed National Activity Index released by the Federal Reserve Bank of Chicago revealed an increase to 0.07 in September from -0.08 in August, suggesting economic activity increased.
The U.S. dollar index was last seen trading at 101.90, up by 0.09 (or 0.09%) today.
Ahead of the interest rate announcement by the U.S. Federal Reserve on Wednesday, according to the CME Group's FedWatch Tool, investors are betting on a 10.50% chance of a 25-basis-point interest rate-hike while the odds on rates being held at the current level stand at 89.50%.
Copyright(c) 2026 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2026 AFX News
