At the close of trading on 11/6, global spot gold prices rose by 140 USD to 4,210 USD an ounce. In the early morning session on 12/6, prices continued to tick up, currently reaching 4,222 USD.

The market surged after US President Donald Trump announced the cancellation of plans to attack Iran. He cited progress in negotiations and asserted that Washington and Tehran were close to signing an agreement. According to him, the details of the agreement had been approved by the US and its regional allies, including Israel. Just hours earlier, he had indicated that the US was preparing for "very severe airstrikes" against Iran, mentioning the possibility of seizing Kharg island and the country's oil and gas facilities.

Global gold prices have increased significantly in recent hours. Chart: Kitco

News of the canceled attack eased investor concerns about accelerating inflation and rising interest rates. Previously, during the june 11 session, global gold prices had reached their lowest point since november 2025.

"We have heard a lot of news about an agreement, but it has not materialized yet. If it does, it will certainly help gold prices escape the bottom," commented Ryan McKay, a commodity strategist at TD Securities.

Gold prices have been under pressure since the middle east conflict erupted in late february. Rising oil prices due to the conflict fueled the risk of inflation and increasing interest rates, making the precious metal less attractive as it does not offer fixed interest.

Newly released data showed US jobless claims last week totaled 229,000, exceeding economists' forecasts in a Reuters survey. The country's producer price index (ppi) also rose faster than expected in may, similar to the consumer price index (cpi).

Investors are now awaiting next week's meeting of the Federal Reserve (Fed). The CME FedWatch tool indicates that the probability of the Fed raising interest rates in december has decreased from 69% to 62%.

Beyond gold, prices of other metals also saw significant increases. Silver prices rose over 6% to 67,5 USD. Platinum and palladium increased by 3% and 5% respectively.

Trump's announcement also contributed to a nearly 3% drop in Brent and WTI crude oil prices during the june 11 session. Each barrel is currently priced at 89 USD and 86 USD respectively.

Ha Thu (according to Reuters)