Gold Pricing $5797.32

Silver Pricing: $84.84

Platinum Pricing: $2247.03

Global markets are beginning to price in a more optimistic geopolitical outlook after President Trump signed the long-awaited memorandum of understanding (MOU) with Iran two days ahead of schedule. While the agreement is only the first step towards a broader peace framework, bringing the signing forward has been interpreted as a strong signal that both sides are keen to de-escalate tensions and reduce the risk of a prolonged regional conflict.

Adding further confidence, funding to support Iran’s economic recovery is expected to come largely from Gulf allies and private investment rather than US taxpayers. Reports suggest that a package of around US$300 billion could be mobilised over time to rebuild infrastructure and promote economic stability across the region. Should the agreement remain in effect, attention will quickly turn to the reopening and security of shipping lanes through the Strait of Hormuz, a key route for global energy supplies.

That improving outlook continues to weigh on precious metals. Gold and silver remain under pressure as investors rotate back into equities and other growth assets, encouraged by lower oil prices and a reduced perception of geopolitical risk. Both metals continue to trade below their 50-day moving averages, with recent rallies proving short-lived. Unless inflation surprises to the upside or geopolitical tensions flare again, bullion may struggle to regain meaningful momentum in the near term.

At the same time, falling oil prices are providing another tailwind for broader markets. Lower energy costs ease inflationary pressure, improve corporate margins and leave consumers with more disposable income. For equity investors, it is a combination that supports higher valuations, while for precious metals, it removes one of the key drivers that has underpinned prices over recent months. As markets move into the second half of the year, investors will be watching closely to see whether improving economic sentiment can continue to outweigh the risks that still linger beneath the surface.

Enjoy today’s charts

Gold daily chart, with 50MDA