<div id="readability-page-1" class="page"><div> (RTTNews) - Gold prices traded higher on Monday, oil prices tumbled nearly 5 percent and the dollar hovered near a one-week low after U.S. President Donald Trump said on Saturday a peace deal with Iran had been &#34;largely negotiated.&#34; Spot gold rose a little over 1 percent to $4,556.54 an ounce while U.S. gold futures for August delivery were up 0.7 percent at $4,590.34. Trump said on Saturday that an agreement with Iran has been &#34;largely negotiated&#34; and details will be announced soon. However, later on Sunday, Trump told his representatives not to rush into any deal with Iran. A U.S. official reportedly said that both the sides have in principle agreed to reopen the Strait of Hormuz and that Tehran has agreed to dispose highly enriched uranium. Israeli Prime Minister Benjamin Netanyahu posted on X that any final agreement would require dismantling Iran's nuclear enrichment facilities and removing enriched nuclear material from its territory. Iran's President Masoud Pezeshkian on Sunday said that Tehran is &#34;ready to reassure the world that we are not seeking nuclear weapons.&#34; Tasnim news agency, which is linked to Iran's Revolutionary Guards, said the U.S. was still obstructing parts of a potential deal, including Tehran's demand for the release of frozen funds. Even if the Strait of Hormuz is opened, analysts say that there is so much uncertainty over how long it will take to repair production facilities and infrastructure to ramp up production of energy and other goods in the region to pre-war levels. Beyond the geopolitical news, traders await inflation readings across Europe and the April reading of the U.S. personal consumption expenditures (PCE) price index this week for directional cues. Bond strategists expect global bond yields to remain elevated even if the Iran war ends. Traders currently price in a Federal Reserve rate hike before year-end as Kevin Warsh takes the helm at the U.S. central bank. Warsh, who was sworn in on Friday as the chairman of the Federal Reserve, signaled a shift toward Alan Greenspan's monetary policy, favoring flexibility and lower interest rates. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. </div></div>

GOLD

Gold prices rose over 1% to $4,556.54 an ounce as oil prices fell nearly 5% following U.S. President Trump's announcement of a largely negotiated peace deal with Iran. While both sides have tentatively agreed to reopen the Strait of Hormuz, uncertainties remain regarding the deal's implementation. Traders are also awaiting inflation data and a potential Federal Reserve rate hike under new chairman Kevin Warsh, who favors lower interest rates.

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Gold Prices Surge As Oil Slumps On US-Iran Peace Deal Hopes