(RTTNews) – After plunging on Thursday, gold prices have ticked lower on Monday as traders assessed the prospects of a ceasefire in the gulf even as the U.S. deadline for Iran to open the Strait of Hormuz closes in.
Front Month Comex Gold for June month delivery has dipped by $6.20 (or 0.13%) to $4,685.90 per troy ounce.
Front Month Comex Silver for June month delivery has fallen by $0.661 (or 0.90%) to $72.540 per troy ounce.
The gulf war transitioned to a tension-filled sixth week.
On Saturday, U.S. President Donald Trump warned that strikes would resume on Iran’s energy plants if Iran failed to secure a deal with the U.S. and allow shipping transit via the Strait of Hormuz.
Through a post on his social media platform Truth Social, Trump warned Iran that “all hell will reign down” if they continue to block the Strait of Hormuz. Trump hinted that Iranian power plants and bridges will be decimated and that the U.S. forces would “blow up everything” in Iran.
Trump announced 08:00 p.m. ET on Tuesday as the deadline.
Hours later, in an interview with Fox News, Trump stated that he believed that there was a good chance of making a deal with Iran and reaffirmed the same in a separate interview with Axios.
Iran ignored the threats while Ebrahim Zolfaghari, a spokesperson for Khatam al-Anbiya Central Headquarters, warned the U.S. and Israel that the “entire region will become a hell” in case of an escalation.
Iran military’s General Ali Abdollahi Aliabadi called the threat “an unbalanced and stupid action.”
As Trump’s furious remarks and an ultimatum loaded with harsh words raised concerns of a broader conflict, Pakistan, Egypt, and Turkey were working closely to bring about a temporary ceasefire to the ongoing war.
Trump’s special envoy Steve Witkoff and Trump’s son-in-law Jared Kushner were reportedly exchanging messages with Iran’s foreign minister Abbas Araghchi to find a solution to the gulf crisis before the situation gets out of hand.
Meanwhile, citing a senior White House official told NBC News that a proposal for a 45-day ceasefire is being discussed.
The premise of the agreement would be to grant time to both sides (if needed even more than 45 days) to arrive at a viable and comprehensive resolution to the crisis.
Reuters reported that Iran confirmed receiving a ceasefire proposal from Pakistan that the Iranian government is reviewing currently.
Iran has formulated a response on ceasefire recommendations drafted on its national interests.
Meanwhile, Israel and Iran continued their attacks.
A major petrochemical hub in southwestern Iran and some areas around Bushehr nuclear power plant suffered U.S.-Israel attacks. Iran’s media stated that the head of intelligence of Iran’s paramilitary Revolutionary Guard, Majid Khademi, was killed in an Israeli attack.
Kuwait’s power generation stations and water desalination plants were hit by Iranian drone attacks. An oil facility was targeted in Bahrain.
The latest U.S. payrolls data released last Friday showed stronger-than-expected resilience in the labor market.
The U.S. Bureau of Labor Statistics reported that the economy added 178,000 jobs in March, the most since December 2024.
The unemployment rate fell to 4.3% in March from 4.4% in February, below market expectations of 4.4%.
The number of unemployed decreased by 332,000 to 7,239,000, while total employment fell by 64,000 to 162,850,000 million.
The U.S. dollar index was last seen trading at 100.01, down by 0.02 (or 0.02%) today.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
