Spot gold was unchanged at $4,688.16 per ounce, as of 0059 GMT, after rising about 3% on Wednesday to its highest level since April 27.
US gold futures for June delivery rose 0.1% to $4,696.60.
Iran said on Wednesday it was reviewing a U.S. peace proposal that sources said would formally end the war while leaving unresolved the key U.S. demands that Iran suspend its nuclear programme and reopen the Strait of Hormuz.
Stocks surged to fresh records, dollar and oil prices dropped on Wednesday after a report that the United States and Iran are closing in on an agreement to end their war.
On the data front, U.S. private payrolls increased more than expected in April, the ADP’s national employment report showed on Wednesday.
Investors now await the monthly U.S. employment report, due on Friday, which will serve as a test of whether the U.S. economy remains resilient enough to keep the Federal Reserve’s monetary policy on hold, or whether a softening labour market could revive the case for rate cuts.
Fed officials said on Wednesday the ongoing U.S.-backed war with Iran is raising the risk of a sustained inflation shock, with continued high oil prices and developing concerns about problems with global supply chains.
SPDR Gold Trust , the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.2% to 942.50 metric tons on Tuesday.
Spot silver fell 0.2% to $77.16 per ounce, platinum gained 0.1% to $2,062.50, and palladium was down 0.3% at $1,533.25.
First Published: May 7, 2026 7:23 AM IST
