Gold reaches 7-week peak on Hormuz reopening hopes

Gold prices have risen to their highest level in seven weeks, supported by a decline in the dollar and Treasury yields, amid optimism about reaching an agreement to open the Strait of Hormuz and ease tensions between the United States and Iran. Additionally, the continued decline in expectations for a US interest rate hike has attracted investors to the precious metal, with forecasts suggesting that ongoing current support could push prices toward $5,000 an ounce in the medium term.

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