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Gold bars at Hatton Garden Metals in London, Britain, June 10, 2026. REUTERS/Toby Shepheard Purchase Licensing Rights, opens new tab
July 27 (Reuters) - Gold climbed more than 1% on Monday after a pause in hostilities in the Middle East pushed oil prices lower, easing worries about inflation and prolonged high interest rates.
FUNDAMENTALS
\* Spot gold rose 1.3% to $4,103.99 per ounce by 0058 GMT. U.S. gold futures for August delivery gained 0.9% to $4,106.10.
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\* Iran will halt its own attacks as long as the United States does the same, a senior Iranian official told Reuters on Sunday.
\* The United States pressed pause on its bombing campaign after President Donald Trump's advisers told him they were running out of targets and expressed worries about depleting the U.S. arsenal.
\* Oil prices tumbled 5% as investors hoped for a diplomatic solution that would de-escalate the conflict.
\* Elevated crude oil prices stir market concerns about inflation and the potential for higher-for-longer interest rates. While gold is traditionally seen as a hedge against inflation, its appeal as a non-yielding asset diminishes in a high-interest-rate environment.
\* The dollar and yields on the 10-year U.S. Treasury note fell, further supporting gold.
\* The U.S. Federal Reserve is widely expected to keep rates unchanged this week, although traders are still pricing in about an 80% chance of a hike in September, according to the CME FedWatch Tool. FEDWATCH
\* COMEX gold speculators raised net long positions by 4,438 contracts to 123,586 in the week to July 21, CFTC data showed.
\* Spot silver rose 2.7% to $59.74 per ounce, platinum climbed 2% to $1,619.75 and palladium jumped 2.3% to $1,271.93.
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Reporting by Pablo Sinha in Bengaluru; Editing by Subhranshu Sahu
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