Gold rises 2% after US, Iran reach peace deal

Gold rose 2% on Monday after US and Iran officials said they had ‌reached a preliminary deal to end their conflict, pushing oil prices lower and easing concerns about inflation and higher interest rates. Spot gold was up 2% at $4,304.11 per ounce, as of 0122 GMT, hitting its highest ​level since June 9. U.S. gold futures for August delivery rose 2% to $4,325.20. US and ​Iranian officials said on Sunday they had agreed on a framework to end their ⁠war, halt the U.S. blockade of Iran and reopen the Strait of Hormuz. The pact ​will be officially signed on Friday in Switzerland, Pakistani Prime Minister Shehbaz Sharif said in a ​post on X. The US dollar fell to a 10-day low, making greenback-priced bullion cheaper for other currency holders, while oil prices slipped more than 4%.