Gold extends above $4,000 as oil slips on Iran talks

July 02, 2026 (MLN): Gold edged higher on Thursday, buoyed by weaker-than-expected U.S. private payrolls data and a pullback in oil prices, with traders now awaiting the closely watched nonfarm payrolls report for clearer signals on where the Federal Reserve stands.

Currently, spot gold is up 1.23% to $4,071.78 an ounce as of [11:54 am] PST, according to data reported by Mettis Global.

Wednesday's ADP report showed private hiring slowing sharply to 98,000 jobs, well below May's revised pace of 122,000.

Adding to the mix of signals, Fed Chair Kevin Warsh noted that inflation expectations and risks had cooled recently, though he stopped short of softening the central bank's resolve to hit its 2% inflation target, according to CNBC.

On the geopolitical front,  oil prices declined on Thursday as easing fears over Middle East supply disruptions weighed on the market, with investors taking heart from signs of headway in indirect U.S.-Iran negotiations.

Lower crude prices, paired with resilient labor data, can complicate the inflation picture and reinforce bets on rates staying elevated for longer, a dynamic that typically dulls gold's shine despite its status as a classic inflation hedge.

Elsewhere in metals, silver jumped 1.6% to $60.06 an ounce, platinum advanced 2% to $1,607.67, and palladium rose 1.4% to $1,227.13.

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