Gold climbed over 2% on June 15 and pushed past $4,300 per ounce, hitting weekly highs even as the US and Iran announced a 14-point interim peace framework.
What’s in the deal
The memorandum of understanding, announced around June 15, covers 14 points designed to extend the current ceasefire between the two nations. The conflict has lasted nearly four months, punctuated by a US naval blockade on Iranian ports that rattled global shipping lanes.
The centerpiece: reopening the Strait of Hormuz, the narrow waterway through which roughly a fifth of the world’s oil supply passes on any given day.
Beyond the immediate ceasefire extension, the framework sets the stage for further discussions on Iran’s nuclear program, potential sanctions relief, and the release of approximately $25 billion in frozen Iranian assets.
