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Gold Prices Surge to Near Two-Week High on US-Iran Deal Hopes

Guavy AI Editorial Team
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Gold prices surged to a nearly two-week high on Wednesday as investors became more optimistic about a US-Iran peace deal and a potential reduction in Federal Reserve rate hike bets.

The price of gold rose above $4,100, with the USD softening in response to receding inflation fears and expectations of tighter monetary policy.

US Treasury Secretary Scott Bessent said the US could reach a deal with Iran by Wednesday to reopen the Strait of Hormuz, while Axios reported that the US, Iran, and Oman were closing in on an interim agreement to do so.

The OPEC+ decision to increase production from September has also eased supply concerns, dragging crude oil prices lower and alleviating inflation fears.

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