The market holds an optimistic outlook on the US-Iran peace agreement, and gold prices are expected to achieve a weekly gain.

Golden Ten Data reported on May 8 that, boosted by easing concerns over inflation and interest rate hikes, gold prices rose on Friday and are poised to record weekly gains. Despite renewed clashes, investors remain optimistic about a US-Iran peace agreement. Although there were fresh confrontations between the US and Iran, Iran stated that the situation has returned to normal, while the US said it does not wish to see an escalation. Kyle Rodda, Senior Financial Market Analyst at Capital.com, noted that the Trump administration stated this morning that a ceasefire is still in place and the market remains optimistic that a deal can be reached between the US and Iran, which is currently supporting gold prices. Now we can only wait for further updates to see whether the US and Iran are close to reaching an agreement. In the time leading up to the market close this week, gold prices may experience some volatility.