Gold Surges As Optimism On U.S.-Iran Deal Increases

(RTTNews) - Gold prices have soared on Friday, partially offsetting losses from the three previous sessions, as expectations on signing of a U.S.-Iran peace agreement increases following U.S. President Donald Trump's claims.

Front Month Comex Gold for August month delivery has surged by $123.10 (or 2.99%) to $4,237.10 per troy ounce.

Front Month Comex Silver for August month delivery has catapulted by $3.928 (or 6.11%) to $68.175 per troy ounce.

The U.S.-Israel versus Iran war entered day number 105 today.

Days before, after Iran downed a U.S. Apache helicopter, Trump's turned aggressive and ordered U.S. forces to respond to Iran militarily. U.S. forces conducted targeted attacks key strategic sites in Iran.

Iran retaliated by launching attacks on U.S. bases in Bahrain, Kuwait, and Jordan.

Yesterday, Trump announced that the U.S. will hit Iran very hard and take over Iran's Kharg Island.

In an interview with Fox News, Trump stated that the campaign would be more powerful and bigger. However, Trump conceded that negotiations were going with Iran.

On its part, Iran warned after reports of U.S. seizing of Kharg Island that oil and energy of Iran will be either for everyone or for none.

The possibility of the conflict growing to an expansive war for a protracted period with unpredictable damages kept rising.

Late yesterday, Trump announced through his social media platform Truth Social that the highest level of Iranian leadership, Iranian neighbors and a few Islamic nations have approved a decision to make peace after negotiations between the U.S. and Iran.

Hence, Trump stated that he is calling off the planned strikes and bombings. Trump added that the date and place will be shortly announced.

Later, while speaking to reporters, Trump declined to offer a deadline but stated that the deal could be signed in Europe as early as this weekend, and soon after that the Strait of Hormuz will reopen.

Trump also reiterated that the waterway had been open already without public knowledge and millions of barrels of oil were brought across with assistance from U.S. forces.

The message brought relief to investors from war-threats, and crude oil prices slumped.

Iran's Foreign Ministry spokesperson Esmail Baghaei stated that nothing has been finalized.

However, the positivity continued and gold prices soared while crude oil prices tumbled.

In the U.S., Elon Musk's SpaceX begins trading after its Initial Public Offering turned a blockbuster with the company valued at around $2.2 trillion, making it the sixth most-valuable company on Wall Street.

With his combined stakes in Tesla and SpaceX, Musk becomes the first trillionaire in the world.

Along with SpaceX, economists are of the view that future listing plans of Anthropic and OpenAI are absorbing gold market funds.

According to the World Gold Association, a total of 55 tons of net outflow occurred from gold Exchange-Traded Funds between March and May.

The U.S. dollar index was last seen trading at 99.74, down by 0.01 points (or 0.01%) today.