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Gold Strengthens Amid US–Iran Peace Uncertainty
Uncertainties in US–Iran peace negotiations and their impact on global oil prices
Fed interest rate expectations ahead of the release of US employment data
Friday, May 8, 2026 – Gold prices opened higher to the US$4,694 per troy ounce level, supported by a weaker US dollar and rising safe-haven demand amid uncertainty over peace negotiations between the US and Iran. Market sentiment briefly improved after a report emerged that Washington and Tehran are drafting a peace agreement framework in Pakistan next week. However, optimism started to fade after varied statements from Tehran regarding the US proposal, including the rejection of plans to reopen the Strait of Hormuz without compensation and certain guarantees. This uncertainty again triggered volatility in oil prices and increased concerns about disruptions to global energy supplies.
Gold movements were also influenced by energy price dynamics and the direction of global monetary policy. After sharply dropping early this week, oil prices rebounded following reports that the US is considering continuing escort operations for commercial vessels in the Strait of Hormuz. This development raised concerns that inflation may remain elevated and reinforced the view that the Federal Reserve will keep interest rates high for longer. Cleveland Fed President Beth Hammack even said that interest rates could stay at current levels for a sufficiently long period. Even so, the weakening of the US dollar index and increased gold accumulation by central banks— including China, which has been adding to its gold reserves for 18 consecutive months—remain supportive of prices.
Going forward, market focus will turn to the release of US employment data (nonfarm payrolls/NFP), scheduled for tonight, as a key indicator of the strength of the US economy and the Fed’s policy direction throughout 2026. In addition to NFP, investors will also watch for further developments in US–Iran negotiations, especially concerning nuclear issues and the reopening of the Strait of Hormuz, which are expected to remain the main sources of global market volatility in the short term.
Technically, the nearest support levels for gold are in the range of $4,660 to $4,633, while the nearest resistance levels are at $4,739 to $4,791. If selling pressure increases,#ArthurHayesBullishOnAltcoins #BitcoinFallsBelow80K ##DailyPolymarketHotspot