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Why is the Gold price rebounding amid easing US-Iran tensions?

Gold price (XAU/USD) trades in positive territory near $4,240 during the early European session on Friday. The precious metal rebounds from a six-month low after US President Donald Trump said he canceled planned military strikes against Iran, fueling hopes that a US-Iran truce deal is close.

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Gold price (XAU/USD) trades in positive territory near $4,240 during the early European session on Friday. The precious metal rebounds from a six-month low after US President Donald Trump said he canceled planned military strikes against Iran, fueling hopes that a US-Iran truce deal is close.