Gold Steadies Near $4,710 as Iran Peace Hopes Fade Ahead of Trump-Xi Summit

Spot gold steadied around $4,710/oz on May 13 amid fading U.S.-Iran peace hopes clashing with Trump-Xi summit anticipation, after dropping to $4,693/oz on May 12 on hotter-than-expected April CPI (+3.8% YoY vs. 3.7% est.), Brent surging to $107/bbl, and a firmer dollar. The period began with a 2% plunge to $4,517/oz on May 4 due to Strait of Hormuz flare-ups, rebounding to $4,585/oz on May 5 on strong new home sales (+8.9% to 685k SAAR) and softer JOLTS (6.87M). Prices surged past $4,770/oz on May 7 on peace optimism, held near $4,722/oz after robust payrolls (+115k vs. 62k exp.) on May 8, before slumping below $4,700/oz from May 10 as Trump rejected Iran's proposal, reigniting oil-driven inflation fears.