Gold Soars on Ceasefire Uncertainty as BTC Remains Stuck

The 60-day ceasefire between the US and Iran expired on Monday, August 15, without a permanent deal in sight. The Iranian foreign ministry argued that the Memorandum of Understanding (MOU) only declared an end to active fighting, not set a negotiating clock.

Gold responded as expected, breaking above $4,400 an ounce and touching a two-month high near $4,449. BTC, on the other hand, stayed flat at $64,000, which is where it's held for much of the past two weeks.

The conflict has kept energy costs elevated and become a political liability for President Donald Trump ahead of November's midterms, where control of the Senate is at stake. Central banks have been buying gold in record quantities, with 289 tonnes purchased in the second quarter.