Gold gains over 1% as oil dips and dollar weakens
Gold prices rose by more than 1% following declines in oil prices and the easing of the dollar. The price of an ounce reached $4,103.99 after the ceasefire in the Middle East helped reduce inflation concerns and lowered expectations of interest rate hikes. Spot gold transactions increased by 1.3%, while August futures contracts went up by 0.9%. The weakening of the dollar and lower yields on U.S. Treasury bonds supported the rise in gold prices, and other precious metals also experienced notable gains.
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