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Gold Prices Break Through Weekly High, Market Welcomes US-Iran Peace Agreement

NEW YORK. Global gold prices surged to their highest level in over a week on Monday (June 15, 2026), driven by a weakening US dollar and easing market concerns after the US and Iran agreed on a peace framework to end the ongoing conflict that has been weighing on global sentiment.

Spot gold rose 2.6% to US$ 4,327.82 per troy ounce at 1:30 PM US time, after reaching the highest level since June 5. Meanwhile, US gold futures closed up 2.7% at US$ 4,351.60 per troy ounce.

The rise in gold prices occurred alongside a 0.2% decline in the US dollar index, making the precious metal cheaper for investors using currencies other than the dollar.

Market sentiment was also boosted after US officials revealed that a memorandum of understanding to end the war between the US and Iran had been signed by President Donald Trump, Vice President JD Vance, and Iran’s Parliament Speaker.

Previously, both parties also stated that the document would be officially signed in a ceremony in Geneva next Friday.

Blue Line Futures Market Strategist Phillip Streible said that the gold market is beginning to ignore conflict risks and is more focused on the economic impact of the peace agreement.

“The news of the peace deal is pressuring government bond yields, the US dollar, and oil prices. These are the biggest inflation and cross-asset risks that are now easing,” he said.

Earlier, gold was pressured since the Iran conflict erupted, as soaring energy prices sparked inflation fears that could lead to interest rate hikes.

This condition is usually less favorable for gold because precious metals do not provide yields like interest-bearing instruments.

After the peace agreement was reached, market participants began lowering expectations for a US interest rate hike in December. According to CME FedWatch, the probability of a rate increase dropped to 58%, from nearly 70% last week.

Investors’ focus now shifts to the Federal Reserve policy meeting on June 16-17, which will be the first under the leadership of Fed Chair Kevin Warsh.

Markets are awaiting signals regarding the future direction of interest rate policy, which is expected to be the next driver of gold movements.

On the other hand, Singapore announced plans to develop an over-the-counter (OTC) gold clearing system and gold storage services by the central bank. This move is expected to strengthen the country’s position as a regional gold trading hub.

Not only gold, but other precious metals also recorded significant gains. Spot silver prices rose 3.1% to US$70.09 per troy ounce, platinum increased 3.2% to US$1,772.85 per ounce, while palladium jumped 4.9% to US$1,345.98 per troy ounce.