Gold Inches Up to $4,628 as Oil Eases on Iran Talks Optimism

Gold turned positive on May 2, climbing to $4,627.63/oz after early lows at $4,559 amid easing oil prices and hopes for US-Iran negotiations reopening the Strait of Hormuz. Prices had peaked above $4,800/oz on April 8 ceasefire news before plunging below $4,700 by April 26 on stalled talks, dollar strength, oil surges to $120/bbl, and inflation fears. Lows near $4,595 were hit April 28-29 following Fed rate hold and yield spikes to 4.34%; rebounds ensued on Iranian proposals, lifting to $4,635 on May 1, though down 12% since the Iran war began and eyeing a 1.7% weekly drop.