Gold Prices Edge Higher on Tentative US-Iran Détente Hopes

Gold futures rose modestly on June 2, 2026, as cautious optimism over a potential US-Iran peace deal tempered safe-haven demand but geopolitical uncertainty persisted. The precious metal recovered from early-session lows as investors weighed the prospects of eased Middle East tensions against the deal’s fragility. Spot gold climbed 0.3% to $2,325.40 an ounce, while August futures settled at $2,340.80, up 0.4%. Prices had dipped initially after reports that Washington and Tehran were close to a framework agreement to revive nuclear talks, which would reduce supply disruption risks for crude oil and calm broader markets. However, gains were capped by skepticism over the deal’s durability, given past breakdowns. Analysts noted that any formal accord remains weeks away and faces stiff opposition in the U.S. Congress, keeping a floor under gold. Bullion is still up 12% year-to-date, driven by central bank buying and rate-cut expectations.