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Gold hits 7-week high on reopening hopes
Gold prices rose today, Thursday, reaching a seven-week high of approximately $4,285.69 per ounce. The increase was supported by a decline in the US dollar and falling US Treasury yields, along with market optimism about the prospects of reopening the Strait of Hormuz and the possibility of reaching a proposed agreement between Iran and Oman to end the ongoing conflict that has lasted for five months. This agreement could grant Iran control over ships passing through the strait. Investor expectations for a US interest rate hike decreased to 55% following the optimism, as the market awaits the upcoming US non-farm payrolls report.
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