Gold Remains Below $4,500 on Stalled Iran Nuclear Deal Talks

Gold prices hovered below the $4,500 per ounce threshold on June 1, 2026, as stalled Iran nuclear deal negotiations dampened safe-haven demand. Futures for August delivery settled 0.3% lower at $4,485.20 on the Comex, extending their rangebound trade. The uncertainty over whether Western powers and Tehran will revive the 2015 accord has limited gold's appeal as a hedge against geopolitical risk. Talks in Vienna have made no visible progress since May, with neither side signaling a breakthrough. A deal would likely lift sanctions, boosting risk appetite and drawing funds away from bullion. Conversely, a collapse might push prices above $4,500. Analysts note the dollar's modest strength also capped gains. "Gold is caught between the drag of a firm U.S. currency and the potential spike if negotiations fail," said a senior commodities strategist. The metal has traded in a $60 range for the past two weeks.