Gold Climbs to $4,750 on Ceasefire Stability, Falling Energy; Banks Eye $5,200 Recovery

Spot gold surged 1.2% to ~$4,750/oz as US-Iran ceasefire holds and declining crude oil/natural gas prices stoke Fed rate-cut bets, boosting safe-haven appeal amid ING, TD Securities, and Morgan Stanley outlooks. Prices hit $5,626.80/oz in late Jan 2026, corrected 22% to $4,423 early Feb, then plunged 14.5% in March on war onset, dollar strength (+1.5-2%), oil at $110/bl, ETF outflows (~90t), and central bank sales (30t). Early May lows near $4,500 reflected yield/inflation pressures, but H2 rebound to $5,200+ now eyed as war fog clears.