Gold Rebounds on Reports of US and Iran Ceasefire Deal
Spot gold rose 0.5% to $4,477.59 per ounce on Thursday as the dollar and oil prices eased following reports of a potential ceasefire extension between the U.S. and Iran. The recovery follows a dip to two-month lows earlier in the session as traders weighed new PCE inflation data.
Gold prices rose 0.5% to $4,477.59 per ounce on May 28 after reports of a potential ceasefire extension between the United States and Iran. The rebound follows a drop to a two-month low earlier in the session. Easing dollar strength and oil prices supported the recovery.
### Ceasefire Talks Cool Energy and Dollar Gains Axios reported that Washington and Tehran have reached an outline agreement to extend their ceasefire, pending approval from the U.S. President. This news pressured the U.S. dollar index down 0.2%, making bullion cheaper for international buyers. Oil prices also eased following the report. U.S. gold futures rose 0.6% to $4,475.60.
