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Gold, Stocks Rise as US-Iran Strait Negotiations Advance

Precious metals and equities gained ground as diplomatic progress between Washington and Tehran advanced on reopening the Strait of Hormuz, easing inflation concerns across financial markets. Gold held recent advances following signals that officials were moving closer to an agreement that would restore crude oil flows through the critical chokepoint. Oil futures retreated on the negotiation developments, reflecting trader expectations that increased supply would temper price pressures. Global stocks climbed to record levels as investors reassessed inflation risks in light of the potential deal. The US dollar weakened during the session. The South African rand emerged as the strongest performer among 14 major currencies tracked by traders monitoring geopolitical developments. Market participants indicated sustained focus on the diplomatic track, with officials signaling tangible progress toward a US-Iran agreement.