Gold gains over 1% after US, Iran reach peace deal

Gold surged over 1% — spot gold rose 1.8% to $4,297.42 per ounce and US gold futures climbed 1.9% to $4,318.10 — after the US and Iran announced a peace framework deal to end their conflict, halt the US blockade, and reopen the Strait of Hormuz. Oil prices dropped more than 4% and the US dollar fell to a 10-day low on easing inflation and interest rate concerns. Markets now price a 64% chance of a US rate hike in December, down from 69% last week.