Israeli Prime Minister Benjamin Netanyahu is scheduled to meet with US President Donald Trump in Washington on Wednesday, February 11th, to discuss US-Iran negotiations. The announcement from Netanyahu's office came on Saturday, just a day after Iran's Foreign Minister threatened to strike US military bases in the region.

In a brief statement, Netanyahu's office said, "The Prime Minister believes all negotiations must include limitations on the ballistic missile program and an end to support for the Iranian axis," referring to Tehran's backing of armed groups including Lebanon's Hezbollah and Hamas in the Palestinian territories. The last meeting between Trump and Netanyahu was in December 2025.

The White House did not immediately comment. The escalating US-Iran tensions are expected to provide short-term upward momentum for gold. During Asian trading hours on Monday, spot gold trended higher, currently trading near $5,000 per ounce with an intraday gain of approximately 0.8%, after earlier rebounding above $5,045.

**Talks at an Impasse as US and Iran Positions Return to Square One** The United States and the Islamic Republic of Iran held indirect talks in Oman on Friday, seemingly returning to the starting point regarding how to approach negotiations on Iran's nuclear program.

Trump described the talks as "very smooth" and indicated further consultations would occur early this week. The US delegation was represented by Middle East envoy Steve Witkov and Jared Kushner, Trump's son-in-law.

**Military Deterrence Intensifies, Casting Shadow Over Regional Security** Amid Tehran's crackdown on nationwide protests that resulted in thousands of deaths, the Trump administration dispatched the aircraft carrier USS Abraham Lincoln and other warships to the region, repeatedly threatening the use of force to pressure Iran into an agreement on its nuclear program.

Gulf Arab states fear that attacks could trigger a regional war, with memories of the 12-day war between Israel and Iran in June still fresh.

On Friday, the US included its top military commander in the Middle East in talks with Iran for the first time. US Central Command (CENTCOM) commander Admiral Brad Cooper subsequently visited the Lincoln with Witkov and Kushner on Saturday, according to a CENTCOM statement.

**Iran Criticizes US-Israeli Pressure, Draws Red Line on Missiles** Iranian Foreign Minister Abbas Araghchi stated on Friday, "Nuclear talks and resolving major issues must take place in a calm atmosphere without tension and threats." He noted that diplomats would return to their capitals, marking the end of this round of talks.

On Saturday, Araghchi said that if the US attacks Iran, Tehran, lacking the capability to strike the US mainland, would have no choice but to attack or retaliate against US military bases in the region. He expressed that there exists "extremely deep distrust" between the parties following events during the previous negotiation round, when the US bombed Iranian nuclear facilities during the 2025 Israel-Iran war.

Araghchi also emphasized that "the missile issue and other defense matters" are absolutely not negotiable now or at any time in the future. Tehran insists that such talks would be strictly limited to its nuclear program.

However, diplomats from Egypt, Turkey, and Qatar reportedly presented a proposal to Iran requesting that Tehran suspend uranium enrichment for three years, ship out highly enriched uranium, and pledge "no first use of ballistic missiles." US Secretary of State Marco Rubio stated that related negotiations must cover all these issues.

Israel, a close US ally, believes Iran is seeking to develop nuclear weapons and demands it halt the program, though Iran insists its atomic program is solely for peaceful purposes. Israel also demands Iran cease ballistic missile development and end support for regional armed groups.

Speaking at a forum in Qatar on Saturday, Araghchi accused Israel of destabilizing the region, citing its "violation of national sovereignty, assassination of government officials, terrorist operations, and expansion of influence on multiple fronts." He condemned Israel's treatment of Palestinians and called for "comprehensive, targeted sanctions against Israel, including an immediate arms embargo."

**Iranian FM Reiterates Nuclear Red Line: Zero Enrichment Unacceptable** In a speech on Sunday, Araghchi briefed on the recent talks concluded with the US in Muscat, Oman. He stated the talks focused on nuclear issues and results are currently being assessed. Both sides generally agreed to continue negotiations, but specific arrangements require final approval from their respective leaders. The timing and location of the next round will be coordinated with the Omani Foreign Minister.

From Iran's perspective, the indirect format of talks will continue. Araghchi pointed out that this round maintained indirect dialogue, with no direct meetings held. Past rounds have all been indirect, with representatives only exchanging greetings when entering or leaving the venue. He stressed that the key to reaching an agreement lies in progressing towards mutual respect, understanding, and common interests. Araghchi added that negotiations would continue if Iran's assessment indicates the other side is serious.

He further noted that the persistence of some sanctions and certain military actions have led Iran to question the sincerity and preparedness of the other side for substantive talks. When asked, Araghchi explicitly stated that Iran could never accept a "zero enrichment" proposal. Uranium enrichment is a core issue in the talks. Iran is not opposed to confidence-building measures, but only on the precondition that its right to enrich uranium is recognized.

**Iranian President's Statement: Respect for Respect, Rejection of Power Politics** Iranian President Pezeshkian stated via social media on Sunday that Iran's position on the nuclear issue is based on rights clearly defined by the Nuclear Non-Proliferation Treaty, emphasizing that "the Iranian people have always responded to respect with respect, but will never accept the language of power."

He also noted that dialogue remains Iran's established strategy for peacefully resolving issues. The US-Iran dialogue, facilitated by friendly regional countries, has taken a step forward.

**Impact on the Gold Market** The deadlock in US-Iran talks, Israel's hardline stance, and the Iranian Foreign Minister's threats to strike US bases have significantly heightened geopolitical risks. Gold, as a traditional safe-haven asset, is attracting substantial capital inflows.

The confrontational posture in negotiations and the US's "language of power" may amplify market doubts about the stability of the US-led global political and economic system. This macro uncertainty underpins gold's long-term value as an allocation.

Traders should closely monitor the outcome of the upcoming US-Israeli leaders' meeting, any military movements, and whether negotiations break down completely.

As of 10:38 Beijing Time, spot gold was quoted at $4997.44 per ounce.