Spot gold climbed 2.5 percent to $4,323.29 per ounce by 0536 GMT

US and Iranian officials said on Sunday they have agreed on a framework for a deal to end their war, halt the US blockade of Iran and reopen the Strait of Hormuz.

The two sides confirmed an announcement from mediator Pakistan, with a signing ceremony set to take place in Switzerland on June 19, bringing an end to three months of conflict that has sent energy prices soaring and revived fears of another inflation spike.

The extreme ​volatility of global oil prices has drained liquidity from the market this year at the fastest pace ‌on record, as investors have become increasingly wary of committing cash to an asset that has become hostage to US President Donald Trump’s daily social media posts on the Iran war.

Britain’s economy contracted in April as the Middle East war hit growth, official data showed Friday, dealing a setback to Prime Minister Keir Starmer as he grapples with a political crisis.

The dollar steadied on Friday but remained on track for a weekly loss, as markets monitored negotiations over a deal that could end the Middle East conflict. Traders were also digesting unprecedented demand for shares in SpaceX, which raised $75 billion in an initial public offering and jumped about 20 percent in its Nasdaq debut.

Kamal brings 35 years of leadership experience across financial services, fast-moving consumer goods, remittances, and digital payments

Initial calculations were simple: add up all non-Iranian Gulf crude oil exports, some 12 million to 15 million barrels a day, and you easily have the biggest crisis in history

After hitting a record $5,595 in January, spot gold has fallen 25 percent

Brent crude oil prices fell to their lowest levels since early March as traders grew more confident about an imminent ‌peace agreement between the US and Iran.

The first-ever international agreement on safeguarding digital platform workers in the gig economy was adopted on Friday at the UN’s International Labour Organization.

The seemingly inexorable rise of China’s trade surplus, which hit $1.2 trillion last year, is petrifying policymakers around the world.

Garment exporters have welcomed the proposed national budget for the fiscal year 2026-27

Brent futures settled at $87.33 a barrel, down $3.05, or 3.37 percent

The Decent Work in the Platform Economy Convention is aimed at extending labour protections to hundreds of millions of people worldwide who work through digital platforms

Chinese consumer prices remained stable in May, as official data Wednesday showed the impact of soaring energy prices had started to fade, while increased demand for AI-linked tech goods pushed factory gate costs up for a third straight month.

Facebook-parent Meta and Indian conglomerate Reliance Industries on Wednesday announced a deal to develop an AI-enabled data centre in the state of Gujarat, as the US tech giant scales its digital footprint globally.

US consumer inflation likely increased at its fastest pace in three years in May as the Middle East conflict raised prices of energy products, which would provide more ​ammunition for the Federal Reserve to keep interest rates unchanged this year.

Gold fell over 2 percent ‌to a more than two-month low on Wednesday as fresh fighting in the Middle East dimmed hopes of a resolution to the US-Israeli war with Iran, heightening concerns about inflation and interest rate hikes.

The US trade deficit shrank slightly in April, government data showed Tuesday, with energy exports bolstered by a supply crunch following war in the Middle East.