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Gold prices climbed above the $4,550 per ounce threshold, driven by growing expectations of a peace deal being reached between the United States and Iran. According to reports, this price momentum stems from optimism surrounding a 'largely negotiated' deal mentioned by President Trump, which reportedly includes provisions for reopening the Strait of Hormuz and lifting naval blockades. This move reflects a swift response from market participants to diplomatic signals that could potentially resolve the Middle East conflict.
This record surge comes at a time of robust demand for safe-haven assets, with gold currently outperforming peer metals such as silver and platinum. Compared to previous quarter levels, gold shows exceptional growth fueled by geopolitical tensions, as market data indicates the yellow metal has maintained a steady upward trajectory despite fluctuations in US Treasury yields. Experts at Citi suggest that gold could find further support if uncertainty persists regarding the actual implementation of the deal (per Reuters reports).
At the close of May 24, 2026, gold remained positioned above new key support levels, shifting focus toward the next psychological resistance points. Looking at the economic calendar, traders are awaiting Fed Governor Waller's speech on May 19, 2026, for monetary policy clues, alongside Canadian inflation data which may impact global risk appetite. On-the-ground developments in the Strait of Hormuz will remain the primary catalyst for price action in the coming days.
Update: Gold extended its rally to hit a new session high of $4,579 per ounce during European trading, supported by a softening US dollar. The precious metal is currently testing a key technical resistance zone near $4,590, with traders watching for a breakout above this level to sustain the record-breaking momentum.
Update: Gold is now targeting the $4,600 per ounce level, driven directly by a decline in the US Dollar. This weakness in the greenback, resulting from rising peace deal optimism, has provided a fresh leg up for the precious metal as it becomes more attractive to international buyers.
Update: Silver prices have rebounded in tandem with gold, supported by a decline in oil prices that reshaped capital flows. However, a sense of caution prevails as traders now demand concrete proof of normalized shipping in the Strait of Hormuz before committing to significant new investment positions.