Gold little changed as traders weigh progress toward Middle East truce

[stack of shiny gold bars 3d illustration]
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Gold futures fell slightly in quiet trading Thursday after hitting a one-month intraday high in the previous ‌session on rising optimism that a resolution to the war in Iran looks possible.

President Trump announced that the leaders of Israel and Lebanon reached a 10-day ceasefire deal, after weeks of fighting between Israel and Iran-backed Hezbollah., and said prospects for a deal with Iran are "looking very good," with the two sides in discussions to extend a ceasefire ahead of its expiration next week.

"If we do ‌see ⁠some type of easing of U.S.-Iran tensions or an end to the war, there will be a stronger likelihood of Federal Reserve rate cuts down the road, [which] could support the precious metals complex," High RIdge Futures director of metals trading David Meger said in a note.

Gold has declined ~9% since the start of the war, as a liquidity squeeze prompted investors to offload holdings and cover losses elsewhere; however, in a sign that buyers are coming back to the market [https://finance.yahoo.com/markets/commodities/articles/gold-rises-push-us-iran-011902348.html], bullion-backed ETFs have added ~25 tons so far this month, after cutting 94 tons in March, according to a Bloomberg tally.

Front-month Comex gold (XAUUSD:CUR [https://seekingalpha.com/symbol/XAUUSD:CUR]) for April delivery closed down 0.3% to $4,785.40/oz, and front-month Comex April silver (XAGUSD:CUR [https://seekingalpha.com/symbol/XAGUSD:CUR]) slipped 1.1% to $78.606/oz.

ETFs: (GLD [https://seekingalpha.com/symbol/GLD]), (GDX [https://seekingalpha.com/symbol/GDX]), (GDXJ [https://seekingalpha.com/symbol/GDXJ]), (IAU [https://seekingalpha.com/symbol/IAU]), (NUGT [https://seekingalpha.com/symbol/NUGT]), (PHYS [https://seekingalpha.com/symbol/PHYS]), (GLDM [https://seekingalpha.com/symbol/GLDM]), (AAAU [https://seekingalpha.com/symbol/AAAU]), (SGOL [https://seekingalpha.com/symbol/SGOL]), (DUST [https://seekingalpha.com/symbol/DUST]), (RING [https://seekingalpha.com/symbol/RING]), (BAR [https://seekingalpha.com/symbol/BAR]), (OUNZ [https://seekingalpha.com/symbol/OUNZ]), (SLV [https://seekingalpha.com/symbol/SLV]), (PSLV [https://seekingalpha.com/symbol/PSLV]), (SIVR [https://seekingalpha.com/symbol/SIVR]), (SIL [https://seekingalpha.com/symbol/SIL]), (SILJ [https://seekingalpha.com/symbol/SILJ])

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