Gold rebounds from a four-day low, with cautious fundamentals limiting upside potential

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汇通财经2026/04/13 05:20

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During the Asian session on Monday, spot gold rebounded from a four-day low near $4,640, filling most of the gap created by the previous drop. Reports indicated that regional countries are promoting a return to negotiations between the US and Iran within days, leaving room for diplomatic efforts. Meanwhile, the US dollar failed to extend its gains, providing some support for gold prices.
However, caution remains necessary due to the underlying fundamentals. US Vice President Vance stated that the US has put forward its "final and best" proposal, but Iran has refused, leading to a negotiation deadlock. According to Iranian official media, the US's excessive demands make a deal impossible. Trump announced that the US Navy would blockade the Strait of Hormuz, making the already fragile ceasefire agreement precarious. Israel's ongoing strikes on Lebanon are intensifying tensions in the Middle East, which could further strengthen the dollar's safe-haven status.
In March, the US Consumer Price Index (CPI) rose 0.9% month-on-month and 3.3% year-on-year, marking the largest increase in nearly four years. Investors abandoned expectations for an interest rate cut this year and shifted their focus to potential rate hikes instead. US Treasury yields rose, reinforcing the dollar's bullish bias and putting pressure on non-yielding gold.
In addition, major central banks may take a more hawkish stance as war boosts energy prices, further limiting upside for gold. WTI crude oil has rebounded to around $105 per barrel. Caution remains warranted before building aggressive bullish positions.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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Gold rebounds from a four-day low, with cautious fundamentals limiting upside potential

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