What is included in the Iran ceasefire deal?

Trump says a US-Iran memorandum of understanding is largely negotiated, with the reported framework centering on a 60-day ceasefire extension, reopening the Strait of Hormuz, and allowing Iran to freely sell oil while talks continue on its nuclear programme. Axios says Iran would clear mines in the strait and avoid tolls on shipping, while the US would lift its blockade on Iranian ports; some Iranian assets held abroad could also be unfrozen. The headline market takeaway is a de-escalation in one of the most important geopolitical risk points for energy and inflation. A functioning Hormuz reopening would remove a tail risk that has supported safe-haven buying across gold and silver via higher oil, broader inflation fears, and general risk aversion. That said, the source makes clear the deal is still incomplete and details remain fluid, including Iran’s HEU stockpile, ballistic missiles, and support for regional proxies. For metals, the near-term bias is lower if the ceasefire narrative gains credibility and reduces the war premium embedded in oil and defensives. The main catalyst is whether either side publicly confirms the memorandum and whether implementation steps around shipping lanes, port access, and sanctions relief actually follow. Any setback in talks, or renewed uncertainty around Iran’s nuclear material, would quickly reintroduce support for gold as a geopolitical hedge.