Gold rises on softer US Dollar, traders await Trump's address on Iran war
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Gold price rises to around $4,775 in Thursday’s early Asian session, up 2.40% on the day.
Trump is scheduled to address the nation on the Iran conflict.
Traders brace for the US Nonfarm Payrolls report later on Friday.
Gold price (XAU/USD) extends the rally to near $4,775 during the early Asian session on Thursday. The precious metal surges amid a weakening US Dollar (USD) and cooling geopolitical tensions in the Middle East. Nonetheless, Gold is heading for a monthly decline as the US-Iran war has driven expectations of inflation and higher global interest rates.
US President Donald Trump said in a Truth Social post that Iran's president asked for a ceasefire, but Iran's foreign ministry spokesperson called that assertion false and baseless. Trump is set to deliver a rare primetime address at 01:00 GMT on Thursday as the Strait of Hormuz remains largely closed.
Surging energy prices have raised inflation concerns and prompted markets to reassess their interest rate expectations. The Federal Reserve (Fed) held interest rates steady at a target range of 3.50% to 3.75% following its March meeting last week.
The median "dot plot" projection still suggested one 25-basis-point (bps) rate cut later in 2026, though some officials now expect no cuts at all this year. Gold is often used as a hedge against inflation and geopolitical uncertainty, but it does not yield interest, making it less attractive when interest rates are high.
A series of economic data will be released later this week, including US weekly Initial Jobless Claims and Nonfarm Payrolls (NFP). In case of weaker-than-expected outcomes, this could drag the Greenback lower and lift the USD-denominated commodity price in the near term.
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