Economy
Gold prices climb on Hormuz optimism
Gold futures rose Friday as investor hopes for a US-Iran peace deal persisted despite renewed clashes.
Gold prices gained ground in Friday trading, driven by continued investor optimism over a potential peace agreement between the United States and Iran, even as fresh skirmishes erupted. By 09:35 Moscow time, Comex gold futures for June delivery had climbed 0.53% to $4,736 per ounce. Spot prices for the yellow metal rose 0.95% to $4,730.80 per ounce.
The precious metal is on track for a weekly gain, having increased 1.9% since the start of the week. On Thursday, the US and Iran exchanged attacks in what analysts described as the most serious test yet of a month-old ceasefire. Iran stated that the situation had returned to normal, while the US said it does not seek to escalate the standoff.
The renewed hostilities come as Washington awaits Tehran’s response to an American proposal to halt the fighting. Among other precious metals, spot silver rose 0.8%, platinum gained 0.5%, and palladium increased 0.1%.
