Overview
- Gold hovered near $4,715 on Monday after weekend talks between the US and Iran faltered despite Tehran proposing to reopen the Strait of Hormuz while delaying nuclear negotiations.
- Traders expect the Federal Reserve to keep rates unchanged this week, a setup that, together with a strong dollar and higher Treasury yields, has limited interest in the zero‑yield metal.
- Banks have turned more cautious, with Morgan Stanley cutting its second‑half 2026 target to $5,200, while holdings in SPDR Gold Trust slipped 0.2% to 966.30 tons.
- Local prices reflected the global rangebound tone, with a slight rebound in Dubai and choppy moves in India and Pakistan as currency shifts and seasonal wedding demand steered buying.
- Chart watchers flag resistance in the high $4,800s and support near $4,640, leaving prices sensitive to oil moves and any clear progress or setback on reopening Hormuz and advancing the ceasefire.