Global Gold Prices Hold Near $4,528 on Tuesday Morning as Markets Watch Middle East Risks
Global gold prices traded relatively steady on Tuesday morning (May 5, 2026), as investors closely monitored the economic impact of escalating tensions in the Middle East and the stalled peace talks between the United States and Iran.
According to Reuters, spot gold edged up 0.2% to $4,528.99 per ounce at 00:59 GMT. The precious metal had previously dropped more than 2%, hitting its lowest level since March 31 during the prior trading session.
Meanwhile, U.S. gold futures for June delivery rose 0.1% to $4,538.20 per ounce, signaling cautious optimism among traders.
Geopolitical tensions intensified after the United States and Iran launched fresh attacks in the Gulf region, both aiming to assert control over the strategic Strait of Hormuz. The renewed conflict has shaken an already fragile ceasefire.
The U.S. military reported destroying six Iranian small vessels and intercepting cruise missiles and drones, as Washington continues efforts to secure and reopen key shipping lanes in the Strait of Hormuz.
On the energy front, U.S. crude oil prices fell more than 1%, as markets assessed the limited impact of Iran’s attacks on vessels in the المنطقة. Sentiment was also supported by reports that a U.S.-flagged ship operated by Maersk successfully crossed the strait under U.S. military escort.
From a monetary policy perspective, New York Federal Reserve President John Williams stated that current policy remains sufficiently strong to handle economic uncertainty stemming from the conflict. He also signaled the possibility of interest rate cuts once inflationary pressures ease.
However, U.S. President Donald Trump reiterated that interest rates are still too high, urging for more accommodative monetary policy.
Meanwhile, holdings in SPDR Gold Trust—the world’s largest gold-backed ETF—remained unchanged at 1,040.66 metric tons, reflecting a neutral stance among institutional investors.
Other precious metals saw modest gains, with silver rising 0.1% to $72.76 per ounce, platinum up 0.5% to $1,954.80, and palladium climbing 0.8% to $1,491.84 per ounce.
Overall, gold price movements currently reflect a “wait-and-see” approach among market participants amid ongoing geopolitical uncertainty and evolving global monetary policy expectations.