Gold ticks higher while dollar slips

June 04, 2026 (MLN): Gold prices climbed on Thursday, buoyed by a softer dollar and easing crude oil prices, as markets weighed prospects of a diplomatic resolution to the U.S.-Iran conflict.

Currently, spot gold is slightly down 0.21% to $4,477,56 an ounce as of [10:09 am] PST, according to data reported by Mettis Global.

Sentiment was lifted after the Trump administration said Israel and Lebanon had agreed to a ceasefire, raising hopes for a wider deal to end the three-month-old Iran conflict.

The U.S. House of Representatives, in a separate development, passed a resolution on Wednesday to block President Donald Trump from continuing military operations against Iran, reflecting mounting unease, according to CNBC.

Oil prices edged lower on Thursday on optimism over a potential broader resolution to the U.S.-Israeli conflict with Iran.

Easing crude prices matter for gold because elevated energy costs can fan inflation and keep interest rates elevated for longer  a headwind for non-yielding assets such as bullion, even though gold is traditionally sought as an inflation hedge.

Among other precious metals, spot silver gained 0.6% to $73.13 per ounce, platinum advanced 0.7% to $1,872.11, and palladium added 0.9% to $1,313.51.

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