Overview
- Spot gold climbed about 1% to $4,528.93 an ounce on Tuesday in London trading and briefly touched roughly $4,540 per ounce during the session.
- President Donald Trump told ABC News he expected a deal with Iran “over the next week,” a comment that lifted prices even as public accounts from US and Israeli leaders remained inconsistent.
- Markets had earlier pared gold after reports that Tehran stopped relaying messages to the US through intermediaries, and that pause in communications added to trader uncertainty.
- Oil eased on Tuesday after a prior surge, which helped reduce near‑term inflation worries and supported gold, but a strong May US manufacturing reading has reduced expectations for near‑term Fed rate cuts.
- Gold remains about 14% below its late‑February pre‑conflict high as traders weigh short‑term ceasefire signals against the risk that sustained oil disruptions through the Strait of Hormuz would push global inflation and rates higher.