Gold climbs 1% above $4100
Gold prices increased by more than 1.3%, reaching approximately $4,104 per ounce, following a ceasefire in the Middle East and a decline in oil prices. This has alleviated inflation concerns and reduced expectations of a US interest rate hike to 80% in September. The rise came alongside a weakening dollar and falling US Treasury yields, with other precious metals like silver, platinum, and palladium also experiencing significant gains. The stability of geopolitical situations and falling oil prices have enhanced gold's appeal as an inflation hedge, despite the fact that rising interest rates tend to diminish its attractiveness since it does not generate income.
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