Gold prices stabilized at $4,538 per ounce on May 22, 2026. A Pakistani mediator finalized a draft peace agreement between the United States and Iran.
The proposal outlines a comprehensive ceasefire and the lifting of U.S. sanctions. It also guarantees the reopening of the Strait of Hormuz. Officials expect to announce the agreement shortly.
Al Jazeera and the White House denied earlier rumors of an Iranian uranium export ban. Lower oil prices and Treasury yields helped gold recover from session lows.