Gold Advances as US-Iran Truce Holds After Hormuz Flareup

Gold advanced as signs that a US-Iran ceasefire is still in place reduced fears about a full-scale war, helping to temper concerns about surging inflation.

Bullion gained as much as 1.4% after the US downplayed the prospect of a return to active war with Iran after a day of clashes involving ships in the Strait of Hormuz and missile strikes against the United Arab Emirates. Oil fell but remained at elevated levels, while US equities rose.