Gold market continues to rise: US-Iran impact

The upward trend in gold markets continues on Wednesday, June 17, 2026. While increases are observed in the prices of gram, quarter, and Republic gold, investors are closely monitoring developments in foreign policy and statements from the US Federal Reserve (Fed).

The optimistic atmosphere surrounding peace negotiations between the US and Iran, along with a decrease in expectations for a Fed interest rate hike, has supported the rise in gold. It is stated that the interim US-Iran agreement aims to end conflicts in the Middle East. US President Donald Trump stated regarding the ongoing talks, "The agreement will prevent Iran from acquiring nuclear weapons." US sources also reported that with the implementation of the agreement, Iran's oil exports will resume.

Meanwhile, the decline in the probability of an interest rate hike in the US has increased interest in non-yielding assets like gold. Spot gold rose 0.3 percent to $4,341.12 per ounce. August US gold futures recorded a 0.2 percent increase and traded at $4,361.10.

OIL IS FALLING

In oil markets, the possibility of Iranian oil returning to the global market has seen prices near three-month lows. This situation has also increased expectations that global inflationary pressures will ease.

MARKETS LOCKED ON MESSAGES FROM THE FED

Eyes have turned to the Fed meeting for the US Federal Reserve's new interest rate decision. There is a general expectation that there will be no change in policy rates. Ilya Spivak, Head of Global Macro Research at Tastylive, said, "The drop in oil prices has somewhat reduced upward pressure on interest rates and cooled interest rate expectations. However, as all attention is focused on the Fed's monetary policy decision, the upward momentum in gold is weakening slightly."

The Federal Open Market Committee (FOMC) meeting, chaired by Kevin Warsh for the first time, is eagerly awaited. Spivak stated, "This is the first FOMC meeting under Kevin Warsh's chairmanship. Investors are still unsure how he will balance his hawkish background, rising inflation, and the White House's demand for a more dovish policy."

According to the CME FedWatch, the probability of an interest rate hike in the US in December has fallen to 59 percent. Before the US-Iran agreement was announced last week, this rate was at 70 percent.

GENERAL PICTURE IN PRECIOUS METALS

Other precious metals have joined the positive sentiment in gold. Silver rose 0.3 percent in the spot market to $70.38 per ounce. Platinum gained 0.5 percent, reaching $1,812.80. Palladium rose 0.3 percent to $1,355.65 per ounce.

Investors continue to closely monitor both macroeconomic developments and political risks that affect precious metals, especially gold, and commodity prices.

News Source: 12punto