During trading on May 24th (US time), the spot price of gold rose from $4,549 per ounce to $4,578 per ounce. Under pressure from profit-taking, the precious metal is currently trading around $4,560-$4,565 per ounce.
The rebound in gold prices stems from the weakening of the US dollar after a period of continuous strong gains. Against the Japanese yen, the US dollar fell 0.2% to 158.87 yen/USD. Meanwhile, the euro rose 0.3% to 1.1642 USD/euro, and the British pound increased 0.4% to 1.3485 USD/pound.
Over the past weekend, hopes for a lasting peace agreement between the US and Iran remained fragile, according to Reuters . US President Donald Trump said on May 23rd that a memorandum on a peace agreement with Iran was "almost complete," and both countries and mediators in Pakistan reported positive progress.
However, later on the Truth Social platform, Trump wrote that the US blockade of Iranian ships in the Strait of Hormuz would remain in full and in effect until an agreement is confirmed and formally signed. The Iranian government has yet to respond to this statement.
This trading week is expected to be shorter due to the US holiday, but the market will still be anticipating a series of important economic data releases when trading resumes on Tuesday, including the Conference Board's consumer confidence report. This index is of particular interest to investors after the University of Michigan's consumer sentiment survey unexpectedly weakened.
Notably, the focus of economic data will be on Thursday morning with a series of key reports including preliminary Q1 GDP, the PCE index, weekly jobless claims, durable goods orders, and new home sales for April in the US.
In other metals, spot silver prices rose 2.6% to $78 per ounce. Additionally, platinum increased 2.6% to $1,971 per ounce, while palladium gained 2.3% to $1,365 per ounce.
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