Global gold price rally
The developments in this story so far, most recent first.
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· date approximate Development
Gold hits seven-week high as US dollar weakens and Hormuz talks advance
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· date approximate Background
The probability of a Fed interest rate hike was priced at 67%.
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· date approximate Background
Gold reached its highest level since June 18.
Gold prices experienced a notable surge, rising for four consecutive trading sessions to reach a seven-week high. During this period, gold's weekly gains approached 6%, with prices climbing above 4,300 dollars per ounce.
The rally reached a point where gold prices hit their highest level since June 18. Analysts suggested that expectations of diplomatic progress were increasing downward pressure on oil prices, which reduced the need for central banks to raise interest rates and created strong support for gold.