Gold jumps above $4,840, hits 4-week high on hopes US-Iran talks will continue

Gold prices climbed more than 2.1% on Tuesday to above $4,840 per ounce as of 1745GMT, hitting a four-week high as hopes for continued US-Iran talks eased fears that the conflict would trigger a prolonged supply shock across global energy markets.

This marked the highest level since March 18, when the spot gold price was around $4,845.

Escalating tensions in the Middle East had initially driven the bullion to low levels, with spot gold falling to $4,099.52 per ounce, its lowest since last November.

The move came after US President Donald Trump said negotiations with Iran could restart in Pakistan within the next two days, signaling that diplomacy may still advance despite the lack of a final deal in last weekend’s talks.

Trump said in an interview published Tuesday that discussions were now more likely to return to Islamabad, adding that “something could be happening over the next two days” and praising Pakistan’s Field Marshal Asim Munir for his role in the process.

US Vice President JD Vance also said talks with Iran in Pakistan made “a lot of progress,” while warning that Washington expects Tehran to continue making progress toward reopening the Strait of Hormuz and that failure to do so would fundamentally alter the negotiations.

The US and Iran held direct talks in Islamabad over the weekend, but ended the negotiations without an agreement. The talks followed a two-week ceasefire announced earlier this month.