Gold Surges to Two-Week High Near $4,600 on US-Iran Deal Hopes

Gold rallied sharply on May 29, climbing to two-week highs near $4,600 after media reports of a tentative US-Iran interim agreement and 60-day ceasefire extension boosted safe-haven flows. The advance followed a weak May 28 session when spot gold slipped to $4,399 after hotter-than-expected US jobless claims of 215,000. Softer US data, including a downwardly revised Q1 GDP print of 1.6% and subdued PCE readings, further pressured the dollar and supported bullion, with spot gold closing the period at $4,523.25 and futures at $4,553.80.