Gold prices jumped after President Donald Trump said the US might sign a deal with Iran, potentially as early as this weekend. Trump stated on June 11 that deal documents were nearly finalized, using the phrase “maybe this weekend” to describe the timeline.
A year of whiplash for gold
Gold has been trading in a remarkably wide band throughout 2026, fluctuating between roughly $4,150 and $5,600 per ounce. That range has been driven almost entirely by Iran-related developments.
The underlying conflict traces back to 2025 and 2026, involving Israeli strikes, US military involvement, and repeated attempts to reopen the Strait of Hormuz, one of the world’s most critical shipping routes. Multiple ceasefire attempts have come and gone, and discussions around nuclear restrictions have added another layer of complexity to an already dense negotiation.
Bitcoin and crypto follow the same playbook
