Gold Touches Seven-Week Peak on Strait of Hormuz Reopening Hopes
Spot gold hit a seven-week high as traders priced in lower oil, a softer dollar and easing odds of a September U.S. rate hike.
- On Thursday, spot gold touched its highest level in seven weeks, advancing for a fourth straight session as growing hopes for a Strait of Hormuz reopening weighed on oil prices.
- A proposed deal between Iran and Oman to end five months of war would give Tehran control over vessels entering the Gulf, driving optimism for a Middle East diplomatic breakthrough.
- Spot gold climbed 1% to $4,285.84 per ounce, while United States gold futures rose 0.9% to $4,345.80; palladium gained 1.1% to $1,377.83 and platinum rose 1.7% to $1,764.10.
- Market expectations for a September United States rate hike eased to 55% from 67% two days earlier, as market analyst Tony Sycamore noted lower oil prices reduce central bank rate-hike pressure.
- Investors now await Friday's United States nonfarm payrolls report to assess future monetary policy, as a sustained break above the 200-day moving average could pave the way toward the $5,000 mark.
39 Articles
39 Articles
The prices of future gold contracts closed down, returning the gains recorded earlier, faced with uncertainties about an agreement between Iran and Oman for the creation of a temporary navigation route in the Strait of Ormuz, without the complete reopening of the waterway, while the position of the United States remains indefinite. The advance of the dollar abroad and the Treasury fees also pushed the precious metal. In Comex, metal division of …
Gold, silver prices today: Comex gold and silver erase intraday gains as profit booking, firm dollar weigh
Gold and silver prices fell on August 6 as investors took profits after recent gains. Gold futures dropped to $4,290, while silver retreated to $61.12 per ounce. A stronger US dollar added pressure on precious metals amid easing tensions in the Middle East and weak US job growth data.
Gold Climbs To Seven-Week High On Weak Jobs Data
Gold prices climbed to their highest level since late June on Wednesday, supported by weaker-than-expected U.S. private payroll data and optimism over a possible reopening of the Strait of Hormuz. Spot gold briefly touched $4,295 per ounce before easing to around $4,268, while gold futures traded near $4,329 per ounce. 💡According to the report, gold has now posted its fourth consecutive daily gain. The rally followed an ADP report showing slowe…
The gold reached a maximum of seven weeks this Thursday, overcoming the $4,300 per ounce barrier. Currently, the raw material is trading at $4,334 per ounce. Precious metal remains high for the third consecutive session, sustained by the growing optimism that the United States and Iran can reach a peace agreement that will allow the re-opening of the Strait of Ormuz. This optimism reinforced the expectations of a new decline in oil and natural g…
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