Gold and silver prices edged higher on Monday morning, finding support in a softening U.S. dollar and a sharp retreat in global energy prices after President Donald Trump announced that Washington would enter diplomatic talks with Tehran.

The prospect of a diplomatic breakthrough in the Middle East provided immediate relief to global markets, driving crude oil benchmarks down more than 5% to trade near $83 per barrel. The decline in energy costs helped alleviate broader fears of persistent, energy-driven inflation, while the U.S. Dollar Index slipped 0.50% to 99.42—falling below the key 100 mark and making dollar-denominated bullion more attractive to international buyers.

On India’s Multi Commodity Exchange (MCX), gold futures for October delivery traded up 0.13% at Rs 1,43,557 per 10 grams during early deals. Silver futures for September delivery rose 0.40% to Rs 2,18,061 per kilogram.

The market shift follows statements from President Trump over the weekend indicating that discussions with Iranian officials would take place on Monday. While Mr. Trump set no firm deadline for an agreement, the move raised hopes for a resolution regarding the impasse over Iran’s nuclear ambitions and a potential agreement to guarantee safe passage through the vital Strait of Hormuz.