ISLAMABAD: The precious metal recovered from its near one-week lows witnessed yesterday amid a retreat in oil prices amid hope of further talks between the US and Iran.
Gold was trading 0.6% higher at $4,768.19 an ounce as of 0237 GMT, having touched its lowest since April 7 in the prior session.
U.S. Gold futures for June delivery gained 0.5%, rising to $4,790.70 an ounce.
Oil prices have fallen below $100 per barrel amid indications that U.S.-Iran dialogue to end their war will be resumed in order to address issues related to supply risks as a result of U.S.’s blockade of Strait of Hormuz.
Oil prices impact inflation via transport and production costs.
On one hand, higher inflation increases the allure of precious metals. However, high interest rates negatively affect precious metals because the latter pay no yield to buyers.
According to Reuters, talks are on between Washington and Tehran, with the former expecting Iran to make progress on allowing ships to sail through the Strait of Hormuz, according to an interview US
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