Gold futures on the New York Commodity Exchange saw a notable increase on May 28, with the most active contract for June 2026 rising by 1.02% to settle at $4,527.3 per ounce.

The price of gold rebounded after dipping to a near two-month low of around $4,366, driven by a significant pullback in the U.S. dollar. This movement was influenced by reports, including news regarding a potential new agreement between the United States and Iran.

According to U.S. media reports on May 28, the United States and Iran have reached a preliminary 60-day agreement to extend the current ceasefire. However, this agreement still requires final approval from U.S. President Donald Trump. This development follows a second "defensive" strike by U.S. forces on Iranian military facilities earlier in the week. In response, Iran's Islamic Revolutionary Guard Corps (IRGC) claimed to have attacked a U.S. Air Force base in the Gulf region and warned of "more decisive" actions if U.S. "aggression" continues.

Economic data released on the same day also played a role. The U.S. Commerce Department's preliminary estimate for first-quarter Gross Domestic Product (GDP) showed the economy grew at an annualized rate of 1.6%, below the previous estimate of 2.0% and weaker than economists' expectations, which had generally anticipated growth to remain at 2.0%.

Another report from the Commerce Department indicated that the core Personal Consumption Expenditures (PCE) price index, the Federal Reserve's preferred inflation gauge, rose 0.2% month-over-month in April. This was below market expectations and lower than the 0.3% increase seen in March. On an annual basis, core PCE increased by 3.3%, up from 3.2% in March and in line with analysts' forecasts.

Following the release of these economic figures, some new buying interest emerged in the gold market, helping prices recover from their intraday lows.

In related remarks, Federal Reserve Vice Chair Philip Jefferson stated on May 28 that rising energy prices pose a "downside risk to growth" and are a "potential driver of inflation." He affirmed that the Fed remains "steadfastly committed to returning inflation to 2%" and noted that recent U.S. economic activity "remains strong."

In other precious metals trading, silver futures for July delivery increased by 1.36%, settling at $75.915 per ounce.