Shanghai Gold Exchange (SGE) gold T+D closed down 0.53% at 935.78 yuan/gram in the June 18 evening session; SGE silver T+D closed down 2.12% at 16,425.0 yuan/kg.

The first round of direct U.S.-Iran technical talks is scheduled tomorrow in Switzerland and will cover legal aspects of sanctions relief. Economic discussions are expected to include Iranian funds and assets frozen in Qatar. The talks will also address Iran's nuclear program. Qatar and Pakistan are expected to attend; some sessions are to include Turkey and Saudi Arabia. Separate, undisclosed meetings are expected to address Lebanon and Hezbollah. The IAEA will participate.

Goldman Sachs said a slower-than-expected restart of damaged Middle East capacity could widen the 2027 aluminium market surplus to about 100,000 tonnes and keep prices near $3,250/tonne.