Market sentiment improved after Iran said progress had been made in quadrilateral talks with the United States in Switzerland, according to Iran’s Press TV. The negotiations entered a second day despite continued tensions following Tehran’s announcement that it had again closed the Strait of Hormuz and renewed warnings from US President Donald Trump over possible military action.
Brent crude futures slipped 0.5% after signs of progress in the talks eased concerns about supply disruptions, inflation pressures, and the possibility of higher global interest rates for longer.Investors also continued to monitor the US Federal Reserve’s policy outlook. Comments from Federal Reserve Chair Kevin Warsh last week reinforced market expectations that the central bank may keep interest rates elevated through the remainder of 2026 amid persistent inflation risks and a resilient labor market.
Physical gold demand in India remained subdued as prices stayed volatile despite falling to their lowest levels in more than two months. In China, premiums turned into discounts, indicating softer demand from the top consumer market.
Swiss customs data showed the country’s gold exports fell 9% month-on-month in May, as lower shipments to India and Hong Kong outweighed increased exports to Britain and China.
-With Reuters inputs
