Gold prices steadied above $4,500 per ounce on Monday, June 1, 2026, as investors weighed ongoing uncertainty surrounding US–Iran ceasefire negotiations and awaited key US economic data later in the week.
Spot gold was last seen around $4,504–$4,530 per ounce, slightly lower on the day, as markets reacted to mixed signals from Washington and Tehran over a draft agreement aimed at extending the ceasefire and reopening the Strait of Hormuz, a critical global shipping route.
Over the weekend, both sides exchanged revised proposals, but progress remains unclear. US President Donald Trump reiterated his demand that Iran halt its nuclear program and fully restore free navigation through the strategic waterway, keeping geopolitical tensions elevated.
Despite recent volatility, gold remains supported by broader macroeconomic uncertainty. The metal has come under pressure since late February due to conflict-driven energy price spikes, which have fueled inflation concerns and raised expectations of tighter monetary policy from the US Federal Reserve.
Investors are now focused on the upcoming US monthly jobs report, which is expected to provide fresh signals on labor market strength and the future direction of interest rates. A stronger-than-expected report could reinforce the case for prolonged high rates, which typically weighs on non-yielding assets like gold.
Gold is down slightly over the past month but remains significantly higher year-on-year, reflecting its continued role as a safe-haven asset amid geopolitical instability and inflation risks.
Market analysts say gold is currently caught between two opposing forces: geopolitical tensions supporting demand, and interest rate expectations limiting upside momentum.
