Gold prices advanced by 0.7%, reaching $4,729.07 an ounce, driven by optimism regarding potential peace talks between the US and Iran. Iranian Foreign Minister Abbas Araghchi is set to visit Islamabad for discussions, signaling a possible thaw in relations. Meanwhile, the Federal Reserve's interest rate trajectory is being closely monitored after the Justice Department concluded its investigation into Chair Jerome Powell, which may facilitate the confirmation of Kevin Warsh, who is expected to adopt a cautious approach to interest rates. Concerns about high energy prices persist, impacting inflation expectations and the Fed's monetary policy. Additionally, the State Oil Fund of Azerbaijan reported selling nearly 22 tons of gold in the first quarter, valued at over $3 billion, due to rapid price increases affecting its portfolio balance. Despite the recent gains, gold is still down approximately 10% since the onset of the conflict in February.