Gold Rebounds to $4,530 on US-Iran Ceasefire Hopes Despite Hawkish Fed

Spot gold has rebounded to near $4,530/oz by May 29 after plunging to a two-month low of $4,366 on May 28. Renewed US strikes on Iran drove the selloff, lifting oil above $95 and boosting dollar and rate-hike bets. A tentative 60-day US-Iran ceasefire outline then eased tensions, triggering sharp oil pullbacks and trimming Fed tightening odds after softer Q1 GDP and PCE prints. The recovery remains capped by lingering deal uncertainty and technical resistance near $4,572.