Gold rose more than 1% on Monday, after U.S. and Iran officials said they had reached a deal to end their conflict, pushing oil prices lower and easing concerns about inflation and higher interest rates.

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Spot gold was up ‌1.8% at $4,297.42 ⁠per ⁠ounce, as of 0010 GMT, its highest level since June 9. U.S. gold futures for August delivery rose 1.9% to $4,318.10.

U.S. and Iranian officials said on Sunday they had agreed on a peace framework for a deal to end their war, halt the U.S. blockade of Iran and reopen ⁠the Strait ‌of Hormuz.

The pact will be officially signed on Friday in Switzerland, Pakistani Prime Minister Shehbaz Sharif ⁠said in a post on X.

Oil prices slipped more than 4% and the U.S. dollar fell to a 10-day low following the announcement.
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Gold prices have been under pressure since the start of the U.S.-Israeli war against Iran in late February. The effective closure of the Strait of Hormuz has led to ‌a sharp increase in global oil prices, stoking inflation concerns and raising expectations of interest rates staying higher for longer.

Though traditionally ⁠seen as an inflation hedge, gold loses appeal in a high interest-rate environment as the opportunity cost of holding the non-yielding asset increases.

Markets see a 64% chance of a U.S. interest rate hike in December this year after the peace deal, down from 69% last week, according to the CME FedWatch tool.
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