Gold holds above $4,700 as Hormuz tensions revive USD demand
Gold price rally fades after oil rebounds and Treasury yields rise. Traders now focus on payrolls data and the key 50-day moving average.
Traders are waiting for Iran's response to U.S. proposal.
Gold managed to pass above the resistance of 4680 which could lead to a further advance towards target 4765-95. As we see over the chart.
Gold continues to stretch a touch higher, as rates drift lower in the US.
The US dollar bounced back from sellers amid doubts about a swift resolution to the Middle East conflict and positive US economic data. ADP reported a 109K increase in private sector employment in April, the best performance since the start of 2025.
Gold and silver held steady as the month-old US-Iran ceasefire continues to ease geopolitical fears and tanker traffic resumes through the Strait of Hormuz. Central bank buying, especially from China, remains a key support.
The reserves quantity shows another month of increase, with this being the 18th straight month of buying by Beijing. It's no surprise that China has been a big buyer of gold but the trend here continues to reaffirm the narrative of central banks wanting to secure more of the precious metal amid the volatile financial and market environment driven by US policies.
Gold: Energy-driven rate hopes support prices – ING
Gold (XAU/USD) has staged a significant intraday rally of 3% on Wednesday, 6 May 2026, on the backdrop of easing US-Iran geopolitical tensions, as positive news flows suggest a potential imminent peace deal resolution to end the two-month-long conflict.
Gold (XAU/USD) surged 3% as easing US–Iran tensions and expectations of a more dovish Federal Reserve weakened the US dollar. However, the rally is facing resistance near the 20-day and 50-day moving averages, while firm US real yields continue to cap upside momentum.
Saudi Arabia Gold price today: Gold rises, according to FXStreet data