Though the U.S.-Iran conflict has ended officially on June 17, after signing an MOU by officials from both sides in Switzerland, the truce still seems to have entered its 117th day today, as Iran’s parliamentary speaker Mohammad Bagher Ghalibaf says the deal to end the war with the US was not the result of pressure and coercion.
Iran and the United States have offered conflicting accounts of key issues as negotiators work towards a final agreement within a 60-day window.
Differences remain over nuclear oversight and the implementation of any deal, underscoring the challenges facing both sides.
US Secretary of State Marco Rubio said Iran would not be allowed to charge tolls in the Strait of Hormuz under a final agreement, stressing that the strategic waterway must remain open to international shipping.
Meanwhile, Iran rejected US claims that it had agreed to allow nuclear inspectors back into the country after President Donald Trump said Tehran had accepted the “highest level” of monitoring. The conflicting statements highlight the gaps that negotiators are still trying to bridge.
On the other hand, Iranian Foreign Ministry spokesperson Esmaeil Baghaei has denied reports of a meeting with International Atomic Energy Agency (IAEA) chief Rafael Grossi and said there are currently no plans for visits or inspections by the UN nuclear watchdog.
Baghaei said Iran’s dealings with the IAEA would be governed by existing procedures, its safeguards obligations, parliamentary legislation, and decisions by the Supreme National Security Council.
I find that Washington and Tehran can complete a final agreement within the 60-day timeframe as repeatedly cited by President Donald Trump. “I think we’re talking about at least into the next calendar year,” he said, adding that he would not be surprised if both sides simply “run out the clock” by continuing negotiations and keeping the Strait of Hormuz open without reaching a final deal before the end of Trump’s presidency.
Iran will significantly increase foreign currency allocations from Saturday after improved access to foreign assets and the recent easing of restrictions on oil exports, Central Bank Governor Abdolnasser Hemmati said on Wednesday, according to Iran’s Nournews.
An interim deal signed last week between Tehran and Washington mandates the U.S. to issue temporary waivers for the export of Iranian energy products and to improve Iran’s access to its frozen assets abroad.
However, bullion-backed exchange-traded funds could face renewed outflows if investors continue to increase their bets on interest rate hikes, analysts say — a factor that could pull, already falling gold prices lower.
slipped below a key psychological level of $4,000 per ounce for the first time since November 2025 on Wednesday, under pressure from a firmer U.S. dollar and growing expectations that interest rates will remain elevated.
While gold futures, after testing the day’s low at $3,980.70, are trading at $4,023.70, just below the key support at $4,035.38, following my designated sliding path on June 17, discussed in my previous analysis Gold Bears May Target Deeper Losses If $4,318 Support Breaks.
On Wednesday, U.S. Secretary of State Marco Rubio held talks with the United Arab Emirates leader during a Middle East tour, seeking to reassure Gulf allies who view a proposed Iran peace deal as too soft on a regional power that attacked them in the war.
I conclude that the surging scepticism among the U.S. allies in the Middle East signals that the 60-day road map is full of doubts, ensuring exhaustion to continue in precious metals.
