Gold And Silver Reach Highest Prices In Weeks Amid Iran Peace Hopes
Spot gold climbed 3% and silver 6% as reports of a possible U.S.-Iran nuclear deal sent oil lower and weakened the dollar.
- On Thursday, spot gold jumped 1.2% to $4,750 per ounce, while silver futures for July delivery jumped 3.9%, as markets responded to reports that the U.S. and Iran could be nearing a peace deal to end the 69-day war.
- Hopes for a nuclear agreement sent crude oil tumbling nearly 9%, reducing inflation expectations and prompting traders to recalibrate expectations for Fed policy, which opened the door to potential rate cuts.
- Bullion traded near $4,685 per ounce early Wednesday, building momentum into Thursday when the PHLX Gold/Silver Sector climbed roughly 8% as investors rotated into non-yielding assets.
- Dollar weakness drove the rally as the DXY eased 1%, mechanically lifting dollar-priced metals and pulling in cross-border buyers. Philippe Gijsels, chief strategy officer at BNP Paribas Fortis, maintains a bullish view on precious metals.
- Investors now focus on next Friday's non-farm payrolls report as the next swing factor for metals. Experts expect the secular bull market in gold and silver to potentially resume this year.
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15 Articles
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Gold and Silver Catch Fire as Iran Deal Hopes Rewrite the Inflation Playbook
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Silver has returned to the centre of the raw materials market after rising by more than 5% in just one session, driven by the expectations of a possible peace agreement between the United States and Iran.
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