Gold hits strongest daily gain since February

Gold prices experienced a significant surge of over 4%, reaching their highest levels in more than a month, supported by a decline in the dollar and hopes for a near-term peace agreement between the United States and Iran to reopen the Strait of Hormuz. The spot price of gold increased by 4.4% to $4,258.18 per ounce, while futures contracts rose by 4% to $4,317.07. American and Iranian officials confirmed that talks are ongoing, with expectations suggesting an agreement could be reached within 48 hours, boosting hopes for regional stability and supporting the rise in precious metal prices. Additionally, the weakening dollar and limited expectations of an interest rate hike in the U.S. modestly enhanced gold’s appeal as a safe haven amid fluctuating oil prices and weak U.S. employment data for July.

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