Gold gains on US-Iran diplomatic talks
The price of gold has risen significantly amid declines in oil prices, supported by diplomatic efforts to restore calm between the United States and Iran, and to ease tensions resulting from the Houthis' escalation in Yemen with threats of a naval blockade against Saudi Arabia. Spot gold prices increased by 0.5%, reaching $4,023.56 per ounce, while US August futures rose to $4,028. This political escalation comes against the backdrop of concerns over a potential rise in oil prices again, as the Russian Central Bank announced that its gold reserves reached 2,282 tons by July, a decrease of 43.5 tons since the beginning of the year.
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