ISLAMABAD: Gold prices rose for the third consecutive day in the global market, largely due to the weakness of the US dollar and hopes for a possible peace deal between the US and Iran.
Spot gold prices rose 0.3 percent to $4,701.19 an ounce, while US gold futures also rose 0.4 percent. Iran said on Wednesday that it was reviewing a US peace proposal. According to sources, the proposed deal could lead to a formal end to the war, but key issues such as Iran’s nuclear program and the opening of the Strait of Hormuz remain unresolved. According to market analyst Edward Meyer, the weakness of the dollar and the falling yield on US Treasury bonds have supported gold prices, but the deal is still in its early stages and the situation could change.
He said that in the short term, the price of gold could range between $4,600 and $5,100 an ounce. Meanwhile, Brent crude oil prices in the global market have fallen by about 6 percent this week, as hopes of an end to the war in the Middle East are growing.
According to experts, high crude oil prices can lead to inflation and an increase in interest rates, while high interest rates affect demand for non-yielding assets such as gold. Investors are now looking at the US jobs report released on Friday, which could provide clues about the Federal Reserve’s upcoming monetary policy.
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