Gold Climbs to $4,223 on US-Iran Peace Deal Hopes

Gold has rebounded sharply from a six-month low near $4,022, climbing toward $4,223/oz as hopes rise for a US-Iran settlement after President Trump canceled planned strikes. The recovery follows a steep selloff driven by hotter May CPI at 4.2% and renewed Middle East tensions that pushed prices below $4,200 and into a bear market for the first time since 2022. Spot gold surged 2.5% on de-escalation news, reinforced by falling yields and reduced rate-hike odds, though the metal remains down sharply from its early-year peak above $5,500.