Commodities

Gold Gains as Traders Assess Latest Deadlock in US-Iran Talks

A one-kilogram gold bar displayed at the Perth Mint Refinery in Perth, Australia. — A one-kilogram gold bar displayed at the Perth Mint Refinery in Perth, Australia.
Photographer: Matt Jelonek/Bloomberg

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By Yvonne Yue Li

May 10, 2026 at 10:45 PM UTC

Updated on

May 11, 2026 at 8:52 PM UTC

Gold advanced as President Donald Trump said the US-Iran ceasefire is on “massive life support” after he rejected Tehran’s latest peace offer.

Bullion gained as much as 0.7% on Monday, erasing earlier losses of as much as 1.4%, with traders assessing the latest setbacks surrounding US-Iran talks and the outlook for reopening the Strait of Hormuz. Trump called Iran response to last week’s US peace proposal “a piece of garbage,” bringing more uncertainty to the 10-week Middle East conflict.