Gold prices stabilized on Thursday (May 7, 2026) near their highest levels in a week, as investors monitored developments of a potential peace agreement between the United States and Iran, reinforcing caution in global markets.

According to data reported by Reuters, gold in spot transactions settled at $4,688.16 per ounce, after rising by approximately 3% in Wednesday's session, its highest level since April 27.

US gold futures contracts for June delivery also rose by 0.1% to reach $4,696.60 per ounce.

Iran announced on Wednesday that it is studying an American peace proposal that would formally end the war, though key issues remain unresolved, including the Iranian nuclear program and the reopening of the Strait of Hormuz.

In other precious metals markets, silver declined by 0.2% to $77.16 per ounce, while platinum rose 0.1% to $2,062.50, and palladium fell 0.3% to $1,533.25.