Gold Price Surges on US-Iran Deal Hopes

A potential agreement between the US and Iran has boosted precious metal prices, with gold leading the charge.

The news of a possible deal has eased concerns about the Strait of Hormuz being closed, which would have added to inflationary pressures in the US. As a result, expectations for a US interest rate hike have decreased.

Gold prices have surged on the back of this development, with investors seeking safe-haven assets amidst growing uncertainty. The metal's price has increased as investors bet on lower interest rates and reduced economic growth.