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Gold prices rallied sharply in Asian trading on Monday, climbing more than 2% after reports of an interim peace agreement between the United States and Iran reduced geopolitical tensions in the Middle East. The development triggered a steep decline in oil prices, weakened the U.S. dollar, and boosted demand for precious metals.
Spot gold jumped 2.3% to $4,317.32 per ounce, while August gold futures gained 2.4% to $4,338.75. The move extended gold’s recovery from last week’s multi-month low near $4,000 an ounce.
According to U.S. and Iranian officials, both nations agreed on a framework designed to end hostilities, lift the U.S. blockade on Iran, and reopen the Strait of Hormuz, a vital route for global energy shipments. Pakistani Prime Minister Shehbaz Sharif stated that the formal agreement is expected to be signed in Switzerland later this week.
The announcement sent crude oil prices lower, with Brent crude dropping more than 4% to approximately $84 per barrel. Investors reacted positively to the prospect of increased oil supply and reduced risks of disruptions in global energy markets.
The U.S. Dollar Index also declined by 0.2%, making gold more attractive to international buyers. During the conflict, rising oil prices had fueled inflation concerns and strengthened expectations that the Federal Reserve would keep interest rates higher for longer, limiting gains in non-yielding assets such as gold.
Following the peace breakthrough, market expectations for additional Federal Reserve rate hikes eased significantly. Data from the CME FedWatch Tool showed traders now assign a 49% probability of a rate increase by December, down from 69% just one week ago.
Investors are closely watching the upcoming Federal Reserve policy meeting on June 16-17 for guidance on interest rates and economic forecasts. Meanwhile, the Bank of Japan is expected to raise rates to 1%, while the Bank of England is widely anticipated to leave borrowing costs unchanged.
Other precious metals also posted strong gains. Silver surged 3.3% to $70.24 per ounce, while platinum advanced 3.2% to $1,776.60 per ounce, reflecting renewed investor interest across the precious metals market.
