XAU/USD climbs to $4,563 on easing Fed rate hike expectations and progress in US-Iran ceasefire negotiations.
Gold prices surged over 1.5% on Friday after reports emerged that the US and Iran are nearing a deal to extend a ceasefire for 60 days. The agreement aims to facilitate negotiations on Iran’s nuclear program, reducing geopolitical tensions.
XAU/USD rebounded from daily lows to trade at $4,563, supported by fading expectations of further Federal Reserve rate hikes. The metal had faced pressure earlier in the week amid stronger-than-expected US economic data.
The move reflects investor demand for safe-haven assets as geopolitical risks ease and monetary policy uncertainty persists.