Gold Prices Rebound from One-Week Low, US-Iran Peace Hopes Act as Catalyst
NEW YORK - Global gold prices strengthened at the close of trading on Wednesday (22 April 2026) local time, or Thursday (23 April 2026) morning WIB, after touching a more-than-one-week low in the previous session.
This rise was driven by bargain hunting by investors, amid market attention on the potential continuation of peace talks between the United States (US) and Iran.
Citing Reuters, spot gold prices rose 0.5% to $4,735.65 per ounce, after gaining up to 1% in early trading.
Meanwhile, US gold futures for June delivery closed up 0.7% at $4,753.00 per ounce.
Kitco Metals senior analyst Jim Wyckoff said the gold price increase was triggered by buying action following the sharp drop in the previous session.
He said the perception of bargain hunting was clearly evident in the precious metals market.
“Buying action felt after Tuesday’s losses was also seen in the precious metals market (both gold and silver),” he said.
From a geopolitical perspective, tensions in the Middle East region remain a concern.
Iran reportedly seized two ships in the Strait of Hormuz on Wednesday, while US President Donald Trump stated that the blockade against Iran would continue.
However, there are no signs yet of the resumption of peace talks between the two countries.
Tensions are also occurring in other areas, where the ceasefire between Israel and Lebanon is under pressure after at least three people were killed in an Israeli drone strike in Lebanon.
“Gold prices are slightly improving with hopes that the Strait of Hormuz issue will be resolved following Donald Trump’s statement. But the situation remains very tense and uncertain,” said TD Securities global commodities strategy head Bart Melek.
Overall, gold prices have fallen around 11% since the war between the US and Israel against Iran began on 28 February 2026.
The rise in oil prices during the conflict has also triggered inflation concerns, which could lead central banks to maintain high interest rates for a longer period.