Gold rises over 1% as Iran peace hopes weigh on dollar and oil prices
Key takeaways
- Add ARY News on Google AAResize Gold rose more than 1% on Monday as hopes of a peace deal to end the Iran war sent the dollar and oil prices lower, easing fears of inflation and higher-for-longer interest rates.
- Spot gold was up 1.2% at $4,561.51 an ounce by 1319 GMT and U.S. gold futures for June delivery gained 0.9% to $4,563.60.
- The market remained optimistic despite the U.S. and Iran playing down the chances of an imminent deal after U.S.
Why this matters: local context for readers following news across Pakistan and the region.
Add ARY News on Google AAResize Gold rose more than 1% on Monday as hopes of a peace deal to end the Iran war sent the dollar and oil prices lower, easing fears of inflation and higher-for-longer interest rates.
Spot gold was up 1.2% at $4,561.51 an ounce by 1319 GMT and U.S. gold futures for June delivery gained 0.9% to $4,563.60. U.S. markets were closed for Memorial Day.
The market remained optimistic despite the U.S. and Iran playing down the chances of an imminent deal after U.S. President Donald Trump had said on Saturday that the two countries had largely negotiated a memorandum of understanding on an agreement that would reopen the Strait of Hormuz.