Oil prices retreat and global stocks hit record highs after Trump hails ‘great progress’ on Iran deal – business live

Spot gold is higher by 2.4% at $4,666/oz in a broad risk-on session that has seen oil retreat and global equities push to record highs after Trump said there had been “great progress” on a potential Iran deal. The move comes alongside a 36bp drop in the dollar, supporting bullion even as UK gilt yields ease slightly from Tuesday’s spike to a 28-year high. The UK bond move remains the standout local stress point in the piece: 30-year gilt yields hit 5.8% intraday on Tuesday before settling at 5.74%, and were still around 5.48% in early trade, while the 10-year yield sat near 5%. XTB’s Kathleen Brooks said the sell-off looked unusual because it decoupled from US and European bond markets and from oil, suggesting a higher UK-specific political/risk premium rather than a broad global rates move. For precious metals, the combination of softer USD, elevated geopolitical uncertainty, and ongoing cross-asset volatility is supportive, even if the broader equity tone is constructive. Near term, traders will watch whether the Iran narrative continues to pressure crude and the dollar, and whether the UK gilt stress spreads into broader European rates markets; either development could keep bullion bid on safe-haven and FX channels.