Commodities
Gold Surges as Iran Talks Cut Rate-Hike Odds
The XAUUSD price has surged to $4249.84, an increase of 4.24%, as the Iran talks cut oil and rate-hike odds.
President Trump's announcement that the administration had 'very good discussions' with Iran during all-day negotiations has led to optimism in the market.
The Treasury Secretary mentioned a possible deal to allow commercial ships through Hormuz, which could come this week.
The oil market reacted positively, with WTI near $76 and Brent around $80, both well below last week's levels.
This development feeds into gold as cheaper crude takes away the energy inflation argument from hawks like Schmid and Kashkari, who have been advocating for rate hikes.