Gold reaches peak amid week’s end outlook
Gold prices rose to a seven-week high, supported by a decline in the dollar and a drop in US Treasury bond yields. This comes amid growing hopes of reopening the Strait of Hormuz and the possibility of reaching an agreement between Iran and Oman to end the ongoing five-month conflict, which has granted Tehran control over ships in the Gulf. Expectations for a US interest rate hike decreased from 67% to 55%, as market optimism rises regarding an end to the Iranian conflict. Investors are also awaiting the release of the US non-farm payrolls report scheduled for tomorrow. Additionally, other precious metals gained, with silver, platinum, and palladium increasing by between 0.4% and 1%.
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