Gold December futures opened at $4,135.20 per troy ounce on Monday, up 0.7% from Friday's closing price, as markets reacted to U.S. President Trump's announcement that the U.S. decided to pause extended airstrikes in Iran planned for Sunday night. The decision to de-escalate followed requests from U.S. allies in the Middle East. However, Iranian leaders stated they are not yet in active negotiations with the U.S., claiming they are currently only in talks with Oman regarding the Strait of Hormuz. As of 7:58 a.m. ET, gold prices edged down slightly to $4,111.50.