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Gold prices rose slightly in Asian trading on Thursday, as hopes for a peace deal between the US and Iran eased some inflation concerns, while a weaker dollar further supported demand.
Spot gold was last up 0.4% at $4,707.31 an ounce as of 1:21 AM. US gold futures for June delivery rose 0.4% to $4,713.86.
On Wednesday, the yellow metal rose 2.9%, its largest one-day gain since late March, amid a sharp drop in oil prices on expectations of easing tensions in the Middle East. Market sentiment improved after Axios reported that the White House was close to reaching a memorandum of understanding with Iran aimed at resolving the conflict.
Iran said it was studying the proposal, while US President Donald Trump expressed confidence that Tehran was interested in an agreement.
The prospect of lower energy prices helped ease fears of a protracted inflation shock, dragging down the dollar while boosting the appeal of non-yielding gold.
The dollar index fell 0.1% in Asian trading after falling 0.4% the previous day, holding near pre-war levels.
Oil prices tumbled more than 7% on Wednesday amid reports of progress in the talks, but stabilized on Thursday as investors awaited further clarifications. Investors are now awaiting Friday's US non-farm payrolls report for further clues regarding the Federal Reserve's interest rate trajectory, after recent comments from Fed officials highlighted concerns that the Middle East conflict could fuel inflation and disrupt supply chains.
Among other precious metals, silver rose 0.7% to $77.85 per ounce, while platinum traded unchanged at $2,065.17 per ounce.