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Asian Currencies Slide as Iran Tensions Boost Dollar and Oil Prices 
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Trump-Xi China Summit 2026: Trade Tensions, Taiwan, and Iran Take Center Stage 
Gold prices remained largely stable during Asian trading on Tuesday as investors closely tracked developments surrounding the fragile U.S.-Iran ceasefire and awaited a high-profile meeting between former U.S. President Donald Trump and Chinese President Xi Jinping later this week.
Spot gold slipped 0.1% to $4,729.18 per ounce, while U.S. gold futures climbed 0.2% to $4,738.00 per ounce. The precious metal had already gained 0.4% in the previous trading session, supported by ongoing geopolitical uncertainty and safe-haven demand.
Market sentiment stayed cautious after Trump criticized Iran’s response to a U.S.-supported peace proposal, calling it a “piece of garbage” and warning that the ceasefire was at risk of collapse. Trump described the truce as being on “massive life support,” increasing concerns over renewed tensions in the Middle East.
Iranian officials responded by stating that the country’s armed forces were fully prepared to react to any aggressive action. Tehran also reiterated demands for sanctions relief, restoration of oil exports, and recognition of its sovereignty over the Strait of Hormuz, one of the world’s most important oil shipping routes.
Oil prices stayed elevated amid fears of potential supply disruptions through the Strait of Hormuz. Rising crude prices limited gains in gold, as investors worried that higher energy costs could increase inflation and force the Federal Reserve to maintain higher interest rates for a longer period. Elevated interest rates generally weaken demand for non-yielding assets such as bullion.
Investors are also focusing on the upcoming Trump-Xi meeting in Beijing, where discussions are expected to cover trade relations, artificial intelligence, Taiwan, energy security, and Iran.
Meanwhile, traders are awaiting the latest U.S. Consumer Price Index data for further clues about the Federal Reserve’s monetary policy outlook. The U.S. Dollar Index rose 0.2%, making gold more expensive for international buyers.
Among other precious metals, silver edged 0.2% higher to $86.31 per ounce, while platinum dropped 1.7% to $2,098.76 per ounce.
