Key Takeaways

• Gold jumps: Spot gold rose 1.1% to $4,558.55 per ounce, while gold futures gained 0.8% to $4,593.34.
• Silver surges: Spot silver jumped 2.9% to $77.7250 per ounce.
• Platinum rallies: Spot platinum climbed 2% to $1,968.12 per ounce.
• Dollar and yields retreat: A sharp drop in both the greenback and Treasury yields provided the key tailwind for bullion.
• Trump’s “largely negotiated” claim: The president said the Iran peace framework was “largely negotiated” over the weekend.
• Rubio’s “pretty solid” framework: The Secretary of State said the U.S. and Iran have a solid deal structure to reopen Hormuz, with Washington awaiting Tehran’s response.
• Military threat persists: Both Trump and Rubio hinted at renewed strikes if Iran rejects the deal.
• “No rush”: Rubio echoed Trump’s stance — no urgency, and the naval blockade remains until a deal is signed.
• Nuclear sticking point: Iranian officials have largely rejected U.S. demands to hand over enriched uranium holdings.
• Inflation fears ease: Peace deal progress soothes concerns over energy-driven inflation that have been a key pressure on gold.
• Rate hike fears cool: Easing inflation worries reduce the risk of more aggressive central bank tightening.

Gold prices rose sharply during Asian trading on Monday as U.S. officials flagged more progress toward a deal to end the Iran war.

A sharp drop in the dollar and Treasury yields benefited bullion prices, while broader precious metals also rallied on Monday.

Spot gold jumped 1.1% to $4,558.55 an ounce by 01:35 ET (05:35 GMT), while gold futures rose 0.8% to $4,593.34 per ounce.

Other precious metals also surged on Monday. Spot silver jumped 2.9% to $77.7250 per ounce, while spot platinum climbed 2% to $1,968.12 per ounce.

Trump, Rubio Flag Progress Toward Hormuz Reopening

U.S. President Donald Trump said over the weekend that the framework for a peace deal with Iran was “largely negotiated.”

Media reports showed the potential agreement will extend the current U.S.-Iran ceasefire, and will also reopen shipping through the Strait of Hormuz — helping resupply global oil markets.

Separately, U.S. Secretary of State Marco Rubio said the U.S. and Iran had a “pretty solid” framework deal to reopen Hormuz, and that Washington was now awaiting Tehran’s response.

Still, Rubio hinted at renewed military action against Iran if it did not accept a deal — a threat Trump had also raised over the weekend.

Rubio, echoing Trump, signaled no hurry to enter a deal and said that the U.S. naval blockade of Iran will remain in place until an agreement is reached.

Other reports showed the U.S. and Iran remaining at odds over key issues, especially Tehran’s nuclear activities. Iranian officials have largely rejected U.S. demands to hand over their holdings of enriched uranium.

Inflation Fears Ease, Boosting Bullion

Still, hopes that a peace deal was close helped soothe some market concerns over energy-driven inflation stemming from the Iran war. This had been a major pressure point on gold in recent months, as markets feared that higher inflation could invite more interest rate hikes from the Federal Reserve and other major central banks.

Global bond yields had surged on this notion, as had the dollar — both pressuring metal markets.

Both the dollar and yields retreated on Monday, giving bullion room to breathe.