Gold gains on ceasefire hopes

Gold price rose by 1% to exceed $4,200 an ounce, supported by progress in talks between the U.S. and Iran regarding a ceasefire that has impacted global markets. Silver also increased by 2% to $66, with speculation of a de-escalation between the two sides and the securing of a safe passage for ships through the Strait of Hormuz, leading to a gradual decline in oil prices. Gold faces pressure due to expectations of a US interest rate hike to combat inflation, but developments in the negotiations offer hope for continued financial stability.

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