US-Iran Ceasefire Pushes Gold to $4,338, Sends Newmont Stock Up 4%
NEM•Spot gold rose 2.8% to $4,338.53 an ounce after the US and Iran agreed on a 60-day ceasefire and plans to reopen the Strait of Hormuz, easing inflation concerns. Newmont shares climbed over 4% in pre-market trade alongside silver’s 3.7% gain.
1. Interim US-Iran Agreement Details
US and Iran reached an interim holdfire that ends hostilities and clears the way for the Strait of Hormuz to reopen upon signing. The pact includes a 60-day negotiation window on Tehran’s nuclear activities and sanction relief for its oil exports.
2. Gold Price Surge
Bullion responded with spot gold climbing 2.8% to $4,338.53 an ounce in London and silver rising 3.7%. Oil prices slipped on eased geopolitical risk, while bond yields edged lower as inflation concerns moderated.
3. Newmont and Industry Reaction
Newmont shares jumped over 4% in pre-market trading following the bullion rally, accompanied by an 8% surge in Northern Star and a 7% rise in Zijin Mining. Market focus now shifts to the Federal Reserve’s upcoming rate decision under its new chair.
