Gold rises 1.4% after US-Iran deal as oil pulls back

Gold prices climbed 1.4% in Thursday trading, reaching $4,316.42 an ounce after the United States and Iran announced a temporary agreement that pushed oil lower. The precious metal, which had lost 1.7% in the previous session, drew strong buying as inflation concerns eased. Gains were limited, however, by expectations that the U.S. Federal Reserve would tighten monetary policy. The Fed held its benchmark interest rate steady at 3.50%–3.75% but drew attention after policymakers revised upward the possibility of a rate hike during the year. Other precious metals also advanced in tandem with spot gold. Silver rose 1.8% to $69.18 an ounce, platinum gained 1.2% to $1,757.53, and palladium added 1.3% to $1,329.99.