The Trump–Iran peace talks are back in focus, and global markets are watching the Strait of Hormuz closely.
If negotiations make shipping conditions more stable, crude oil supply concerns could ease, potentially putting downward pressure on prices.
On the other hand, stalled talks or rising military tensions could bring fresh upward pressure on oil.
Gold is also sensitive to geopolitical uncertainty. A credible peace agreement could reduce safe-haven demand, while renewed tensions may increase investor interest in gold.
The key thing to watch is not just the headlines, but whether a formal agreement is reached and actually implemented.
Until that clarity arrives, volatility in crude oil and gold could persist.