Gold Holds Near Weekly Peak as Iran Deal Hopes Grow

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May 7, 2026, brought a cautious calm to the bullion market as gold prices hovered near a one-week high. Traders kept a close eye on developments surrounding a possible U.S.-Iran deal, while softer Treasury yields and a weaker dollar offered support to gold.

Gold Stays Firm as Peace Deal Speculation Shapes Markets

The prices of gold remained steady on Thursday, lingering near their highest level in over a week as investors weighed the potential impact of a possible U.S.-Iran peace agreement. Spot gold edged up 0.1% to $4,692.45 per ounce by 0436 GMT, after surging nearly 3% in the previous session. U.S. gold futures for June delivery also climbed 0.2% to $4,701.

The precious metal found support from a weaker U.S. dollar, which hovered near a three-month low, making gold more attractive for overseas buyers. The benchmark 10-year Treasury yield also slipped this week, easing pressure on the non-yielding asset.

Can Gold Keep Its Shine Amid Cooling Oil Prices

Brent crude prices have dropped about 6% this week as optimism surrounding easing Middle East tensions strengthened. Still, uncertainty over the practical outcome of any agreement kept gold resilient.

“Every cloud has a silver lining,” and for gold investors, falling oil prices and softer yields may provide exactly that. Investors are now awaiting Friday’s U.S. employment report for further clues on Federal Reserve policy direction.