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News
Monday, June 22, 2026
What’s happening: Gold prices traded higher this morning as investors responded to the latest developments related to the US-Iran negotiations.
What happened: The yellow metal rose on value buying after three straight weeks of decline.
The rise is gold prices was arrested by strength in the US dollar.
Why it matters: The first round of US-Iran peace talks concluded on Sunday. The negotiations took place in Switzerland, mediated by Pakistan and Qatar.
Market sentiment was lifted by hopes of a resolution, despite continued tensions between the two countries, with Iran announcing that it had closed the Strait of Hormuz again as Israel resumed attacking southern Lebanon.
Officials from Qatar and Pakistan said the US and Iran had agreed to a roadmap for a final deal being signed within 60 days.
The first day of talks covered Iran’s frozen assets and oil sanctions, while President Donald Trump continued to threaten Tehran and stating that Washington held “all the cards.”
Strength in the US dollar limited the gains in gold prices. The US dollar index, which measures the greenback’s performance versus a basket of major peers, rose around 0.1% to 97.14.
Spot price for gold rose 0.81% to $4,176.73 an ounce this morning.
In other metals trading, spot price for silver surged 2.36% to $65.49 an ounce, while platinum prices fell 0.48% to $1,660.00.
What to watch: Investors will continue monitoring the US-Iran peace talks.
The announcement of US GDP growth rate later this week will also remain in focus.
Context: The Japanese yen continued to decline against the US dollar this morning, after sliding to a 40-year low on Friday.
Details: Data released on Friday showed that Japan’s annual inflation rate accelerated to 1.5% in May, from 1.4% in the previous month. The figure was below market estimates of 1.6%.
Japan’s core inflation came in at 1.4% in May, unchanged from the previous month and in-line with expectations. This marked the fourth consecutive month of inflation remaining below the Bank of Japan’s 2% target.
Earlier last week, Japan’s central bank hiked their short-term policy rate by 25 basis points (bps) to a 31-year high of 1%. Former BoJ policymaker Makoto Sakurai said on Friday that the central bank could hike its benchmark interest rates twice in the current fiscal year ending March 31 if inflation continues to accelerate.
Despite continued threats from President Donald Trump, the US announced that it had lifted the naval blockade at the Strait of Hormuz and that the route had been reopened. The closure of the Strait of Hormuz has hit Japan hard, as over 90% of its crude oil imports passed through this route.
Strength in the US dollar exerted further pressure on the Japanese yen this morning. The US dollar index, which measures the greenback’s performance versus a basket of major peers, rose around 0.1% to 97.14.
The USD/JPY pair rose 0.15% to 161.55 this morning, while the Nikkei 225 climbed almost 2% to 72,648.47.
What to watch: Investors will continue monitoring the negotiations between the US and Iran.
Data on Japan’s S&P Global Manufacturing PMI, S&P Global Services PMI and S&P Global Compost PMI will be released tomorrow (0430 UAE Time). The S&P Global Manufacturing PMI, which fell to 54.5 in May from 55.1 in April, is expected to decline further to 53.6 in June. The S&P Global Services PMI, which fell to 50.0 in May, is expected to improve to 50.3 in June.
Analysts expect the S&P Global Compost PMI to decline from 51.1 in May to 50.8 in June.
Other Markets: European stock trading indices closed lower on Friday, with the Stoxx 600, DAX, CAC 40 and FTSE 100 down by 0.24%, 0.16%, 0.55% and 0.35%, respectively.
Ukraine intensified strikes on Crimea’s fuel infrastructure leading to Russia suspending civilian gasoline sales in the region. The news sent the USD/RUB pair slightly higher in forex trading this morning.
Argentina’s retail sales grew 12.6% year-on-year in April to ARS 560.96 billion, accelerating from 3.6% in the previous month, which exerted pressure on the USD/ARS forex pair.
India’s foreign exchange reserves contracted to $671.63 billion in the week ended June 12, from $681.61 billion in the previous week, which sent the USD/INR pair higher in forex trading this morning.
The People’s Bank of China kept its key interest rates at 3.0% for one-year loans and 3.5% for five-year loans. The central bank’s decision to keep lending rates at record lows for a 13th straight month lent support to the USD/CNY forex pair.
Canada’s retail sales grew 3.7% year-on-year in April, following a 3.4% gain in the previous month. However, the CAD/USD pair declined in forex trading this morning.
Turkey’s tourist arrivals (1200 UAE Time) and central government debt (1830 UAE Time), India’s infrastructure output (1530 UAE Time), India’s monetary policy meeting minutes (1530 UAE Time), Canada’s inflation rate (1630 UAE Time), Eurozone’s consumer confidence (1800 UAE Time) as well as Argentina’s unemployment rate (2300 UAE Time).
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