Gold hits seven-week high as US dollar weakens and Hormuz talks advance
Prices surged amid declining bond yields, falling oil prices, and expectations of a diplomatic breakthrough in the Iran-Oman talks.
Talivio News · Global2 min read
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Gold prices rose for the fourth consecutive trading session, reaching a seven-week high as the US dollar weakened and bond yields declined.
The price of gold climbed 1% to $4,285.84 per ounce, its highest level since June 18, according to market data.
US gold futures rose 0.9% to $4,345.80.
Market sentiment was supported by a drop in the probability of a Federal Reserve interest rate hike, which fell to 55% from 67% two days earlier.
IG Market Analyst Tony Sycamore said expectations of diplomatic progress are increasing downward pressure on oil prices, reducing the need for central banks to raise interest rates and creating strong support for gold.
An agreement under discussion between Iran and Oman, according to a high-level Iranian source and two regional officials speaking to Reuters, aims to end a US-Iran war.
Under the draft agreement, the Tehran administration would have authority to control ships entering the Gulf through the Strait of Hormuz.
In Turkey, the sale price for a quarter gold (çeyrek altın) was 10,610.00 TL, a half gold (yarım altın) was 21,201.00 TL, Cumhuriyet gold was 42,260.00 TL, and Gremse gold was 104,529.49 TL.
Gold traded at $4,266.01 per ounce in the sale price, while the intraday range was reported between $4,245 and $4,304. The price at the time of the report was $4,259. The ounce gold price started the day at $4,249. Gold prices briefly climbed above $4,300. Gram gold started the day at 6,495 Turkish Liras, with an intraday range of 6,490 to 6,585 TL.
Updates
Gold posted its largest daily gain since February and notched a weekly rise exceeding 5%, its fastest weekly surge since January 19, as bond yields fell and markets priced in a reduced 55% chance of a September Fed rate hike—down from 63% a week earlier—while spot silver rose 0.8% to $61.96 and Turkey’s gram gold prices hit 6,537.96 TL buy / 6,538.84 TL sell; analysts linked the rally to easing inflation fears from Middle East peace hopes, though noted non-farm data could introduce near-term volatility.
Gold posted its largest daily gain since February and recorded a weekly rise exceeding 5%, the fastest since January 19, as bond yields fell and Fed rate hike expectations dropped to 55% from 63% amid slowing private sector hiring; spot silver rose 0.8% to $61.96, while Turkish gram gold traded at 6,537.96-6,538.84 TL, with analysts attributing the rally to reduced inflation fears from advancing Middle East peace talks.
Gold posted its strongest weekly gain in over seven months, surging more than 5%—the fastest weekly rise since January 19—with spot gold closing at $4,254.11 and trading as high as $4,266, while its largest daily jump since February and a 1.6% rise on Friday reinforced the momentum; markets now price a 55% chance of a September Fed rate hike, down from 63% a week ago, as declining Treasury yields and slowing private sector job growth bolstered gold’s appeal, though experts caution that sustained gains require concrete de-escalation in Middle East tensions.
Gold posted its largest daily gain since February and closed the week with a 5% rise—the fastest weekly increase since January 19—as spot gold climbed to $4,254.11 and traded as high as $4,266, with support at $4,150 and resistance at $4,300; markets also priced in a drop in the probability of a September Fed rate hike to 55% from 63%, while the ADP report showed slowing private-sector job growth and silver rose 0.8% to $61.96.
Gold posted its strongest weekly gain in over six months, surging more than 5%—the fastest rise since January 19—with spot prices closing at $4,254.11 and intraday highs near $4,266, while Turkey’s gram gold price reached 6,538.84 TL; central bank purchases jumped 411% quarter-over-quarter to 288.9 tons, and ETF holdings rose over 20 tons in two weeks, driven by renewed optimism after support held at $4,000 and fading rate hike expectations, now priced at 55% for September down from 63% a week prior.
