BlockBeats News, May 5th. The market is currently focused on the fragile US-Iran ceasefire situation, as well as the impact of rising energy prices on inflation and interest rates, leading to a rise in gold prices during the U.S. session.

Analyst Fawad Razaqzada stated: "Unless we see substantial progress towards stability in the Gulf region, high oil prices may continue to support short-term U.S. yields, thereby bolstering the U.S. dollar. This combination bodes ill for the short-term outlook of gold." (FXStreet)