Iran Pause Sparks Gold and Bitcoin Rally

Gold prices rose after the U.S. paused military strikes against Iran, causing Brent crude to fall below $90 a barrel and easing concerns over inflationary pressures.

New York gold futures were up 0.9% at $4,107.10 per troy ounce in early European trading.

Analyst Soojin Kim of MUFG said the reduction in geopolitical tensions may reduce pressure on the Federal Reserve to tighten policy further, providing near-term support for gold ahead of this week's Fed meeting.

The pause in fighting between the U.S. and Iran also boosted risk sentiment, causing Bitcoin to rise 1.3% to $65,440.

However, analyst Naeem Aslam warned that Bitcoin remains vulnerable due to recent outflows in spot Bitcoin exchange-traded funds.