Gold prices extended their advance for a third consecutive session on Monday, reaching their highest levels since 9 June, even as news of a peace agreement in the Middle East eased geopolitical tensions.
The precious metal continued to attract investor interest despite a sharp decline in oil prices following the announcement of a preliminary accord between the United States and Iran
Bullion Reaches Multi-Week Highs During morning trading, spot gold rose to an intraday high of $4,335 per ounce, while the August futures contract climbed to $4,356 per ounce. At the same time, expectations that the agreement could restore energy flows through the Strait of Hormuz weighed heavily on oil markets, with Brent crude falling around 5% to a low of $83 per barrel. Trump Hails Breakthrough Agreement U.S.
President Donald Trump welcomed the ceasefire agreement between Washington and Tehran, describing it as a “major agreement that will bring peace and security to the entire region.” In a post on Truth Social, Trump added: “Many presidents have tried to achieve peace with Iran, but all have failed before me. For the first time, the leaders of the region have found a president capable of helping them achieve real peace.” He also stated that, with the reopening of the Strait of Hormuz, “scheduled for Friday, in conjunction with the signing of the agreement and to allow for mine clearance operations, oil will flow freely again, to the benefit of both the region and the rest of the world!” Tehran Confirms Framework for Further Talks Iran later confirmed the agreement through Deputy Foreign Minister Kazem Gharibabadi, who said negotiations toward a final settlement would continue over a 60-day period and would focus primarily on sanctions relief. He added that Iran would only proceed to the next stage of discussions once its frozen assets were released, the U.S. blockade was lifted and the war had formally ended.