Gold and silver prices rebounded after hitting their lowest level in nearly a week the previous day, as oil prices fell on hopes of further peace talks between the United States and Iran, easing inflation fears.
Gold prices rose 0.97% in spot trading to $4,786.23 an ounce, after hitting their lowest level since April 7 in the previous session.
U.S. gold futures for June delivery also climbed 0.92% to $4,811.20.
Among other precious metals, silver jumped 3% in spot trading, nearing $78 an ounce, while platinum gained 1% to $2,097.29 and palladium rose 1.24% to $1,596.67.
The dollar stabilizes
The dollar held near its lowest level in over a month, making dollar-denominated gold less expensive for holders of other currencies.
Regarding interest rates, traders see a 29% probability of a 25-basis-point US rate cut this year, up from around 12% last week. Before the war, two rate cuts were expected this year.
Gold and silver prices have rebounded after hitting their lowest level in nearly a week the previous day, as oil prices fell amid hopes for further peace talks between the United States and Iran, easing inflation fears.
Gold prices rose in spot transactions by 0.97% to $4,786.23 per ounce, after recording their lowest level since April 7 in the previous session.
US gold futures for June delivery increased by 0.92% to $4,811.20.
As for other precious metals, silver rose in spot transactions by 3% to approach $78 per ounce, platinum climbed 1% to $2,097.29, and palladium increased by 1.24% to $1,596.67.
The Dollar Stabilizes
The dollar stabilized near its lowest level in over a month, making gold priced in dollars less expensive for holders of other currencies.
Regarding interest rates, traders see a 29% chance of a 25 basis point cut in US interest rates this year, up from about 12% last week. Before the war, there were expectations for two cuts this year.
