Gold prices traded higher on Tuesday as the clock ticks towards a deadline that U.S. President Donald Trump has set to bomb Iranian power plants if it does not open the Strait of Hormuz.
Spot gold jumped 0.9 percent to $4,691.99 an ounce while U.S. gold futures for June delivery were up 0.8 percent at $4,720.40.
Trump described a "significant proposal" received from Iran as "not good enough", threatening to decimate Iran within four hours if it did not agree to a deal by Tuesday night.
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May 22, 2026 14:46 ET Minutes of the latest Fed policy session was the highlight of the week along with survey data on the U.S. housing market. In Europe, survey data signaled the trends in the euro area private sector. Further, consumer price inflation data from the U.K. was in focus. In Asia, various economic indicators from China drew attention to the health of the economy.