US-Iran Ceasefire Extension Sparks Gold Rally, Oil Prices Retreat

The extension of the US-Iran ceasefire has sent shockwaves across global markets. The development led to a sharp increase in gold prices, which hit a record high of $4,413 an ounce due to safe-haven demand.

Oil prices, on the other hand, retreated as the easing of geopolitical tensions reduced the risk premium. Brent crude fell to $88.57 a barrel, while US crude followed a similar trajectory.

The market volatility comes ahead of the release of the US July Consumer Price Index (CPI) data, which will likely influence the Federal Reserve's September rate decision.