Why did gold prices rise despite the broader decline since late February, and what role did the US-Iran interim deal play?

Gold prices rose because the US and Iran announced an interim deal to end the war and lift their maritime blockades in the Strait of Hormuz, easing an energy and inflation shock that had roiled global markets; bullion climbed 2.2% in the previous session and held near $4,315 an ounce, as the deal reduced inflationary pressures tied to higher energy prices, which had previously dimmed gold's appeal by prompting central banks to keep rates higher for longer.

How has gold's performance since late February reflected its relationship with oil prices during the conflict?

Gold is down about 18% since the US and Israel launched strikes on Iran in late February and has moved largely in an inverse relationship to crude oil during the war, as higher energy prices fueled inflation and led central banks to maintain higher interest rates—reducing demand for non-yielding precious metals like gold.

Gold Holds Gain as Trump Touts Reopening of Hormuz This Week

Jun 15, 2026

Gold prices rose after President Trump indicated the Strait of Hormuz could reopen, potentially easing energy shocks, while oil prices fell following an interim US-Iran maritime deal.

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