On April 9, spot gold prices traded between $4,698 and $4,801, closing at $4,791, marking a 1.5% increase for the day. The rise is attributed to geopolitical tensions easing as the US and Iran prepare for peace talks in Islamabad, potentially leading to a ceasefire. Israeli Prime Minister Benjamin Netanyahu's announcement of negotiations with Lebanon has also contributed to market stability. Analysts predict that gold could extend its recovery to $5,000 if these talks yield positive results. However, ongoing risks in the Middle East, particularly concerning the Strait of Hormuz, could cap further gains. Gold has rebounded significantly from a cycle low of $4,099 reached on March 23, driven by improved risk sentiment and short covering. Meanwhile, the US Dollar Index slipped to 98.70, and US Treasury yields decreased, reflecting concerns over inflation and economic growth. As of April 7, global gold ETF holdings stood at 98.46 million ounces, showing a slight increase but a year-to-date decline. The market is closely watching upcoming US economic data, which may influence gold prices further.