Global Market Round Up: 29 May 2026

Authored By Prime Research | Last Modified: May 29, 2026 11:05 AM IST

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Gold extended gains after reports suggested that the United States and Iran have reached a tentative agreement to extend their ceasefire and continue negotiations toward a broader Middle East peace framework. Spot gold advanced by approximately $4,500 an ounce after closing 1% higher in the previous session.
Exchange-traded funds added 6,155 troy ounces of gold during the latest trading session, although total ETF holdings remain down 0.4% so far this year.
CME Group reduced margin requirements on gold futures to 5% for non-heightened risk profiles from 6%, following a review of market volatility conditions.
The US dollar traded largely unchanged as investors monitored progress in US-Iran negotiations. The Dollar Index remained steady after falling 0.2% in the previous session and is on track for its first weekly decline in three weeks.
Crude oil prices moved lower following reports that the United States and Iran tentatively agreed to a 60-day ceasefire extension. The development improved expectations that oil flows through the Strait of Hormuz could remain uninterrupted.
Brent crude slipped below the $88 per barrel mark. Reports indicated that the proposed arrangement could ensure unrestricted shipping through the strategic waterway, although final approval from US authorities is still pending.
Base metals strengthened for a third consecutive month, supported by easing geopolitical tensions between Washington and Tehran. The London Metal Exchange (LME) Metals Index rose 5.5% month-to-date, marking its strongest four-month performance.

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