Gold Surges on Iran Peace Dividend as Oil Deflation Deepens
Two things rarely happen at the same time in commodity markets: oil collapses and gold rallies. July 2026 is doing both, and the reason traces back to a single document signed on June 17 in Geneva. The US-Iran memorandum of understanding ended a war-level premium in energy prices while simultaneously defusing one of the geopolitical catalysts that had pushed gold to within striking distance of $4,200 per ounce. The twist is that gold didn't follow oil down. It bounced harder off its June low than anyone expected, and the data now makes clear why. Key Takeaways Gold spot rebounded to $4,126/oz as of July 7, recovering from a two-week correction that bottomed near $3,930, driven by a June NFP…
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