US-Iran Talks Send Mixed Signals to Precious Metals Market

US-Iran negotiations kicked off on August 4 Beijing time, marking a significant geopolitical shift. The market initially reacted with risk-off sentiment, but this was soon offset by plummeting crude oil prices and a weaker US dollar.

The net effect was predominantly bullish for precious metals, with gold rising 0.75% and silver increasing 1.42% at Monday's open. However, the spot market remained sluggish, with weak supply-demand patterns persisting.

US July economic data will be closely watched this week to determine further market direction. The Federal Reserve meeting may also intensify price fluctuations in the precious metals market.