12:44 - 1.07.2026

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July 1, Fineko/abc.az. Global gold prices continue to decline after reaching a 7-month low. The pressure on the quotes is exerted by fading hopes for a long-term peace agreement between the U.S. and Iran, as well as growing expectations of further interest rate hikes by the U.S. Federal Reserve.

ABC.AZ reports that earlier, Tehran announced its refusal to hold short-term meetings with senior US officials, demanding that the terms of the truce reached two weeks ago be fixed first. Against this background, the head of the Federal Reserve Bank of Cleveland, Beth Hammack, warned that the regulator may further tighten monetary policy if inflationary pressure does not weaken due to geopolitical risks.

Results of trading in precious metals:

Spot Gold: Down 0.6% to $3,981.69 per troy ounce.

August Futures (US): Lost 1.1%, falling to $3,994.40.

Other metals: Spot silver fell 0.9% ($58.04), platinum fell 0.9% ($1,537.78), and palladium fell 0.2% ($1,202.33).

According to CME FedWatch, markets estimate the probability of an FRS rate hike in September at 67%. Traders are waiting for the release of private sector employment data from ADP and the official US labor market report (Non-Farm Payrolls) to adjust their medium-term strategies.