Gold prices rose by more than 1% on Monday, erasing the previous session’s loss of 0.7%, and are currently trading at their highest levels in a week at $4,580 an ounce.

Gold is currently trading near the first weekly resistance level at $4581, a break above this level is likely to reinforce the uptrend, with the second weekly resistance level at $4653 in sight.

If gold fails to break above the first weekly resistance level at $4581, it may test the weekly pivot point at $4517; a break below this level would be a negative signal that could pave the way for prices to fall toward support levels at $4445 then $4381.

In terms of geopolitical escalation, Iran ​and the United States played down hopes for an imminent breakthrough in efforts to end their three-month-old war on Monday, with the top U.S. diplomat saying Washington will either ‌get a good agreement or deal with the country in “another way.”

U.S. Secretary of State Marco Rubio told reporters in New Delhi that the U.S. would give diplomacy every chance to succeed before exploring “alternatives”, after President Donald Trump said on Sunday, he had told his representatives not to rush into any Iran deal.

Iran’s foreign ministry spokesperson said ​on Monday that conclusions ‌have been reached on many topics ​discussed in a ​potential memorandum of understanding ⁠with the U.S., ​but this does ​not mean Tehran is close to signing an ​agreement.

The spokesperson, Esmaeil ​Baghaei, added that Iran is ‌negotiating ⁠an end to the war and is not currently ​discussing ​nuclear ⁠issues, and repeated that changes ​in the ​positions ⁠of U.S. officials create problems for any ⁠agreement.

From a fundamental perspective, the core personal consumption expenditures price index for April will be unveiled, with analysts forecasting an annualized pace of 3.3% and 0.3% month-on-month. The gauge will receive particular attention, as it is widely considered to be one of the Federal Reserve’s preferred inflation metrics.

Furthermore, the U.S. will release its GDP data for the first quarter of 2026, with analysts expecting the growth rate to remain steady at 2%, in line with the reading recorded in the previous quarter.

Finally, markets are awaiting U.S. jobless claims data, with forecasts indicating that 209,000 Americans filed for unemployment benefits, in line with the previous reading.