Gold futures fell on Monday after President Trump rejected Iran’s latest peace proposal, with June contracts opening at $4,690 per troy ounce and slipping 0.9% from the previous close. By 6:45 a.m. ET, gold had dropped to $4,673.90.
Silver tracked the same pressure at the open, with July futures starting at $80.15 per ounce, also 0.9% lower than the prior close, before edging up to $81.06 by 6:45 a.m. ET. Trump dismissed the proposal in a Truth Social post yesterday, writing that it was “TOTALLY UNACCEPTABLE!”
The move comes as oil climbed back over $103 a barrel on Monday morning, keeping energy markets in the center of a broader inflation story. Consumer and producer price reports due later this week are expected to give investors a clearer read on how the months-long war with Iran is filtering into prices and feeding concern about inflation.
Gold has already seen a huge run this year. On Jan. 29, its one-year gain stood at 95.6%, a reminder of how sharply the metal has moved as traders look for shelter from geopolitical and price pressure. This week’s cpi data could show whether that demand is being reinforced by a fresh rise in inflation fears, or whether the latest flare-up in the Middle East is still only starting to show up in the numbers.
