After moving sharply lower earlier in the day, the price of gold has shown a significant turnaround over the course of the trading session on Thursday.
Gold for August delivery has surged $52.50 or 1.2 percent to $4,534 an ounce after tumbling by as much as $85.90 or 1.9 percent to a two-month intraday low of $4,395.60 an ounce.
The rebound by gold prices comes as the price of crude oil has pulled back well off its highs after a report from Axios said U.S. and Iranian negotiators have reached an agreement on a 60-day memorandum of understanding.
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Market Analysis
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.