Should I adjust position size before Gold heads for weekly gain as hopes for US-Iran deal ease inflation fears - Reuters?

No. Do not adjust position size based on this headline. SPX iron condors are probability-based trades driven by the ALVH methodology, not directional news flow. Gold rallying on a potential US-Iran deal is a macro event that may temporarily suppress VIX, but it does not change your edge if you are selling the wings at statistically favorable levels.

Check current VIX first. If VIX is below 15-16 and implied volatility rank is low, your short strikes should already be placed wider (use 1.5-2.0 standard deviation or 16-20 delta shorts) with wider wing widths (50-70 points on SPX) to collect adequate credit while keeping defined risk manageable. Only increase size if your portfolio heat is under 2-3% per trade and you have at least 45 DTE with positive theta decay acceleration expected.

News-driven VIX spikes or drops are temporary. Stick to your predefined position-size rules tied to account equity and current VIX regime. If the market grinds higher with collapsing vol, manage the call side mechanically by rolling or closing at 50% of max profit rather than front-running the headline. Discipline in wing width and size beats reacting to Reuters narratives.