Gold prices are rising again: how much does it cost now?
6 August 15:12
On Thursday, August 6, gold reached a seven-week high, continuing to rise for the fourth consecutive trading session: hopes for the reopening of the Strait of Hormuz eased concerns about inflation—namely, that high interest rates would remain in place for a longer period. This was reported by "Komersant Ukrainian", citing Reuters.
The spot price of gold rose 0.6% to $4,270.89 per troy ounce, hitting its highest level since June 18 during the session. The previous day, the precious metal had its best session since February, strengthening to $4,267.24 per ounce.
“Gold is trying today to hold onto its recent gains amid growing optimism surrounding the Strait of Hormuz. Hopes for a diplomatic breakthrough that would allow oil supplies to resume are easing inflation fears and leading to a pullback in aggressive bets on tighter Fed monetary policy,” said Nikos Tsabouras of Tradu.com.
Iran and Oman have reached an understanding regarding the geographical coordinates of the shipping route through the Strait of Hormuz, and a joint statement is in the final stages of preparation, provided that third parties do not interfere with the process, Iranian Foreign Ministry spokesman Ismail Baghai said on Wednesday.
The proposed agreement between Iran and Oman would give Tehran control over the movement of ships entering the Persian Gulf through the Strait of Hormuz, a high-ranking Iranian source and two regional officials told the media.
Meanwhile, investors are awaiting the release on Friday of July’s nonfarm payroll data. The ADP report showed that job growth in the U.S. slowed in July.
Silver fell 0.41% to $61.82 per ounce.
The price of platinum rose 1.17% to $1,755.08, while palladium rose 1.62% to $1,385.5 per ounce, with both precious metals rising for the third consecutive session.
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