FX.co ★ Gold Poised for Fourth Weekly Gain

Gold traded steadily near $4,800 an ounce on Friday and was poised for a fourth straight weekly gain, as growing expectations of a permanent ceasefire deal between the US and Iran helped ease worries about inflation and further central bank rate hikes. President Donald Trump said Tehran had accepted terms that included abandoning its pursuit of nuclear weapons, providing “free oil,” and reopening the Strait of Hormuz, though Iranian officials have not yet confirmed these assertions. In practice, the Strait of Hormuz remains effectively shut under a dual blockade, and IMF Executive Director Fatih Birol warned that restoring a significant share of disrupted oil and gas production could take up to two years. Nevertheless, oil prices have fallen sharply amid rising optimism over a potential Iran agreement, reducing inflationary pressures and lowering expectations of additional rate increases. Gold is on track to gain about 1% this week and is still roughly 17% above its March low.