Dollar Set for Weekly Loss Amid U.S.-Iran Ceasefire Deal | Honolulu Star-Advertiser
Spot gold rose 1.1% after reports of a 60-day U.S.-Iran ceasefire extension eased the dollar and lifted bullion from a two-month low.
- On Thursday, gold prices rebounded over 1% as the U.S. dollar index and oil prices eased following news that the U.S. and Iran reached a ceasefire extension agreement.
- Bullion faced mounting pressure since late February amid inflation concerns and rising interest rates, which deterred investors from yield-free assets and pushed gold toward a critical 200-day moving average.
- Spot gold rose 1.1% to $4,504.07 per ounce, while silver gained 1.3% and China's net imports via Hong Kong surged 81.2% in April, signaling strong demand.
- Iran reached a memorandum of understanding on a 60-day ceasefire extension, though President Donald Trump must still approve the agreement to make it final.
- Federal Reserve minutes published last week showed officials may need to raise rates, complicating the outlook for non-yielding assets despite the ceasefire development.
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Dollar set for weekly loss amid U.S.-Iran ceasefire deal | Honolulu Star-Advertiser
NEW YORK >> The dollar slipped against major currencies today and was headed for a second straight weekly loss after reports that the United States and Iran had reached an agreement to extend their ceasefire and ease restrictions on shipping through the Strait of Hormuz.
Gold prices edged higher on Friday as investors cautiously awaited reports of a potential truce agreement between the United States and Iran, amid looming concerns about inflation and the Federal Reserve's continued interest rate hikes.
Gold edges higher as investors weigh US-Iran ceasefire deal reports, Fed rate outlook
Gold prices edged higher as investors weighed a potential U.S.-Iran ceasefire deal against persistent inflation concerns and the prospect of prolonged U.S. interest rate hikes. Despite earlier dips, gold futures saw a modest increase, reflecting ongoing market uncertainty. Other precious metals also experienced gains.
Future metal contracts with delivery for June closed at 1.14%, quoted at $4,499.3 per ounce-troy
Gold rebounds after Iran and US reach outline ceasefire deal
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