Gold Futures (GC=F) Rise on 60-Day Iran Truce Extension Report

Gold futures (GC=F) for June delivery rose early Friday, trading at $4,560.40 per troy ounce, up from an opening price of $4,527.60. The move followed reports that President Trump received a 60-day truce extension with Iran, which he could sign later in the day. The development renewed expectations that a resolution could reopen the Strait of Hormuz and restore unrestricted oil and natural gas flows. This week, the Federal Reserve’s preferred inflation gauge, the Personal Consumption Expenditures index, rose 3.8% in April—a three-year high driven by the Iran conflict. The data cemented expectations that the Fed will hold interest rates steady at its upcoming mid-June meeting.