According to CoinMeta, the price of gold has broken through $4,100 as market expectations of a U.S.-Iran agreement have reduced inflation risks and the risk of Federal Reserve interest rate hikes. Initial momentum comes from Qatar's mediators indicating that a possible wording for the U.S.-Iran agreement has been drafted. U.S. Treasury Secretary Steven Mnuchin confirmed that an Iran agreement could be reached today and would include the reopening of the Strait of Hormuz. The market reacted immediately: risky assets rose, while oil prices fell due to diminished inflation concerns. If there is no further escalation, gold should see support for its upward movement in the short term. Next week, the U.S. CPI report will be released, and the data is crucial for September’s FOMC decisions and the Jackson Hole Symposium.