Gold jumps above $4,840 on hopes for continued US‑Iran talks

Gold prices surged more than 2.1% on Tuesday to above $4,840 per ounce as of 17:45 GMT, reaching a four‑week high amid growing hopes that US‑Iran talks will continue and prevent a prolonged disruption to global energy markets. The spot price hit its highest level since 18 March, when it traded around $4,845. The move reversed earlier losses that had driven bullion to a five‑month low of $4,099.52 as Middle East tensions escalated.

Diplomacy Signals Boost Sentiment

President Donald Trump said in an interview published Tuesday that negotiations with Iran could restart in Pakistan within the next two days, signalling that diplomacy may still advance despite the lack of a final deal in last weekend’s talks. He praised Pakistan’s Field Marshal Asim Munir for his role in the process and said “something could be happening over the next two days.” US Vice President JD Vance also said the Islamabad talks made “a lot of progress,” while warning that Washington expects Tehran to continue making progress toward reopening the Strait of Hormuz.

Ceasefire and Market Reaction

The US and Iran held rare direct talks in Islamabad over the weekend, ending without an agreement. The negotiations followed a two‑week ceasefire announced earlier this month. Gold’s sharp rise reflects investor relief that diplomatic channels remain open, reducing the risk of a prolonged conflict that would choke oil and gas supplies through the Strait of Hormuz. Türkiye, which has consistently supported de‑escalation, continues to coordinate with regional partners to help stabilise the situation.