Gold Gains Over 1 Percent As Oil Prices Decline
Gold prices rose by more than 1.3%, reaching $4,103.99 per ounce, after oil prices declined by 5% due to the suspension of fighting in the Middle East. This development eased concerns about inflation and the continued rise in interest rates. The dollar and U.S. Treasury bond yields fell, enhancing gold's appeal as an inflation hedge. Most traders expect the U.S. Federal Reserve to maintain its stance, possibly indicating a further interest rate hike in September. Additionally, other precious metals saw notable gains: silver increased by 2.7%, platinum by 2%, and palladium by 2.3%.
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