COMEX Gold was trading at $4,336.10 per ounce, down $15.50 or 0.36% from its previous close of $4,331.30 an ounce.
Silver prices also weakened, with COMEX Silver declining $0.71, or 1.01%, to $69.47 per ounce.
Investor sentiment remained focused on geopolitical developments after US President Donald Trump said on Monday (June 15) that the US and Iran had signed a preliminary agreement to end the Gulf conflict, though both sides indicated that a permanent truce still needs to be negotiated and key details have not yet been made public.
The proposed agreement would reportedly extend an existing ceasefire by another 60 days and reopen the Strait of Hormuz, a critical shipping route for global energy supplies.
The prospect of easing geopolitical tensions boosted risk appetite across financial markets on Monday (June 15), with global equities and bond prices advancing while oil prices settled at a three-month low.
Markets are now awaiting the US Federal Reserve’s policy decision and comments from Chair Kevin Warsh on Wednesday (June 17). The central bank is widely expected to keep interest rates unchanged, with investors looking for clues on the future path of monetary policy.
Supporting the longer-term outlook for bullion, Citi raised its three-month gold price forecast by $500 to $4,500 per ounce, citing expectations of stronger investor demand and improving risk sentiment.
Meanwhile, India’s silver imports fell 87% year-on-year in May to their lowest level in more than three years after the government tightened curbs on imports across most forms of the metal, according to official data released on Monday (June 15).
-With Reuters inputsALSO READ | Dow Jones surges 500 points to record high, Nasdaq sees best day in three months on Iran deal
