Gold Price Forecast: US-Iran Peace Hopes Fuel Rally as Oil Plunges - FXEmpire

AI desk brief

• Gold traded near $4,135 on Thursday, up over 6% for the week. The author requires a weekly close above $4,150 to strengthen recovery toward $4,300; a break above $4,300 could open $4,500–$4,600. The bullish scenario requires $3,900–$4,000 support to hold.
• Reported central-bank purchases rose to 321.2 tonnes in Q3 2026 from 296.3 tonnes in Q2; investment demand increased to 479 tonnes from 261.2 tonnes, indicating stronger quarterly demand, not necessarily immediate scarcity.
• The author attributes gold’s rally to dollar and Treasury-yield declines, arguing US–Iran peace hopes could ease oil-driven inflation and rate expectations. Friday’s jobs report remains pivotal: strong data could support the dollar and limit gold’s recovery.