Gold advances as US-Iran framework deal, weaker Dollar support rebound
Gold extends the rebound that started on Thursday from the $4,024 area, gaining nearly 3% on Monday.Markets welcome a framework agreement between the United States and Iran aimed at ending the war.A weaker US Dollar and expectations surrounding the Fed meeting are also supporting precious metals.Gold (XAU/USD) trades around $4,340 at the time of writing on Monday, up 2.86% on the day and extending the rebound that began on Thursday from the $4,024 area. The precious metal is reaching its highest level in a week as investors reassess the implications of the newly announced agreement between the United States (US) and Iran.Financial markets are reacting positively to news that Washington and Tehran have reached a framework agreement designed to end the war. US President Donald Trump stated that the Strait of Hormuz will be reopened as part of the deal, while Iran's Deputy Foreign Minister also confirmed the announcement. According to several media reports, the ceasefire that has been in place since April is expected to be extended, allowing both sides to continue negotiations.#gold