Gold prices advanced 2% on Monday after officials from the United States and Iran announced that they had reached an initial understanding aimed at ending hostilities between the two countries.
The development triggered a decline in oil prices and reduced concerns about persistent inflation and elevated interest rates.
Spot gold rose 2% to $4,304.11 an ounce by 0122 GMT, reaching its highest level since June 9. US gold futures for August settlement also gained 2%, trading at $4,325.20.
✍️ Vikrant Kharwar
Vikrant Kharwar is the Founder and Editor of News Us Media. He writes about trending news, sports, entertainment, technology, and viral stories. His goal is to make news simple, informative, and easy to understand for readers across the United States and around the world.
