Gold is trading at $4,346.60 (+0.63%) today following a preliminary U.S.-Iran peace deal. - The agreement, which includes plans to reopen the Strait of Hormuz, is easing geopolitical tensions. - This de-escalation is leading to lower oil prices and reduced inflation concerns, lessening expectations for interest rate hikes and making non-yielding assets like gold more attractive. - Markets are reassessing risk sentiment as a result of evolving Middle East headlines.