Investors flock to safe-haven assets as geopolitical tensions ease following reported progress in US-Iran negotiations.
Gold futures rose to their highest level in more than a week, trading at $2,045 per ounce, as hopes for a US-Iran peace deal reduced geopolitical risks. The move reflects investor appetite for safe-haven assets amid easing Middle East tensions.
Prices had stagnated near $2,030 for most of the past week, with traders awaiting clarity on Iran’s nuclear program talks. The last comparable rally occurred in early June when gold surged 1.8% on similar diplomatic developments.
Spot gold and gold-backed ETFs saw modest inflows, though broader market reaction remained muted ahead of key US inflation data later this week.