SPDR Gold MiniShares is trading 3.6% up today as gold prices surge following reports of a tentative U.S.–Iran peace deal and plans to reopen the Strait of Hormuz.
- The de-escalation of Middle East tensions is lowering energy and inflation concerns, which has pulled down real-yield expectations and boosted demand for gold as a strategic asset.
- While broader equity markets are also rallying in a risk-on move, the jump in gold is specifically tied to a sharp repricing of the metal following the geopolitical headlines.