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Gold Prices Fall Again as Stronger Dollar Offsets China Demand
Gold prices edged lower at the start of the week, pressured by a firmer U.S. dollar and rising oil prices that fueled concerns about persistent inflation and higher-for-longer interest rates, as U.S.–Iran peace talks remain at a standstill.
As of Monday (April 27, 2026) at 09:00 WIB, spot gold slipped 0.3% to $4,694.26 per troy ounce. Last week, gold dropped 2.5%, snapping a four-week winning streak.
Meanwhile, gold futures for June 2026 delivery declined 0.9% to $4,697.60 per troy ounce.
U.S. President Donald Trump stated on Sunday that Iran could initiate negotiations by phone if it seeks to end the two-month conflict, reiterating that Iran “will never possess nuclear weapons.” His remarks came after Tehran insisted that Washington must remove key obstacles to any agreement, including port blockades.
Trump also canceled a planned visit by two U.S. envoys to Pakistan—an intermediary in the Iran conflict—on Saturday (April 25, 2026). The move marked a setback for peace prospects following Iran’s foreign minister’s brief visit to Islamabad, where discussions with Pakistani officials yielded limited progress.
On the macro front, oil prices climbed while the U.S. dollar strengthened slightly and U.S. stock futures declined. The stalled negotiations have prolonged disruptions to Middle East energy exports, unsettling markets ahead of a busy week of central bank meetings.
Republican Senator Thom Tillis said Sunday he would allow Senate consideration of Federal Reserve chair nominee Kevin Warsh to proceed, after the Justice Department ended its investigation into Fed Chair Jerome Powell on Friday.
In physical markets, gold premiums in India surged to a 2.5-month high due to tighter supply, while buying interest in China increased.
The world’s largest gold-backed ETF, SPDR Gold Trust, reported a 0.2% decline in holdings to 966.30 metric tons on Thursday.
Investors are now closely watching the U.S. Federal Reserve’s interest rate decision, expected Wednesday (April 29, 2026), following its two-day policy meeting.
Elsewhere, spot silver fell 0.3% to $75.48 per troy ounce, platinum slipped 0.3% to $2,005.15, and palladium dropped 0.3% to $1,492.22.