Gold Advances on Fresh US-Iran Deal Hopes After Israel-Lebanon Ceasefire

Gold rebounded modestly in early June after an Israel-Hezbollah ceasefire revived optimism for renewed U.S.-Iran nuclear talks and reduced safe-haven demand pressure. Prices had earlier slipped toward $4,480 amid fresh U.S. strikes on Iran, surging oil prices and hotter-than-expected April PCE inflation at 3.8% YoY that reinforced expectations for higher-for-longer Fed rates. The metal had rallied above $4,570 in late May on Strait of Hormuz reopening hopes before reversing sharply, leaving XAUUSD oscillating in a volatile $4,400-4,600 band since mid-May. Traders now await U.S. employment data for clearer policy signals.