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Gold hits highest daily level since February
Gold prices reached their highest levels in over a month, rising by 4.4% to $4,258.18 per ounce for spot gold, and by 4% to $4,317.07 for futures, their highest since June 17. This increase is amid a weakening dollar and expectations of an imminent peace agreement between the United States and Iran regarding the Strait of Hormuz. U.S. and Iranian officials have confirmed ongoing talks, with hints that a deal may be close. Meanwhile, regional tensions continue to impact oil prices, which have declined amid forecasts that the Federal Reserve will raise interest rates only once by the end of the year, further boosting gold’s appeal as a safe haven.
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