Gold rises over 1% as US-Iran peace deal optimism eases rate hike bets

Gold prices rose more than 1% as a US-Iran interim peace deal eased fears of prolonged high interest rates by reducing oil-driven inflation pressures. Spot gold traded around $4,338 per ounce, while Brent crude dropped below $80 a barrel for the first time since early March. Markets also pared back expectations of a US Fed rate hike in December to 60% from around 70% last week, ahead of the Fed rate decision under new Chair Kevin Warsh.