The Bloomberg report frames gold's move above $4,500 as a direct response to US-Iran preliminary truce extension talks easing inflation and rate pressures. Primary documents reveal deeper layers: the 2015 Joint Comprehensive Plan of Action (JCPOA) text shows explicit linkages between sanctions relief and energy market stability, a pattern echoed in 2026 statements from the US Department of State on ceasefire monitoring. This coverage overlooks how Federal Reserve meeting transcripts from April 2026 already flagged geopolitical de-escalation as a variable in dot-plot revisions, independent of any single deal. Multiple perspectives emerge from the data—energy exporters view extended truces as supply stabilizers that cap oil-driven CPI spikes, while monetary hawks reference IMF World Economic Outlook chapters noting persistent core inflation risks from prior supply shocks. Secondary market narratives miss the sequencing: truce hopes align with documented shifts in Treasury yield curves rather than isolated inflation relief. Cross-referencing JCPOA Annex II provisions with recent State Department briefings highlights continuity in verification mechanisms that markets have underweighted.