Gold rises as diplomatic efforts ease US-Iran tensions
Gold prices climbed Tuesday amid signs of diplomatic moves to de-escalate tensions between the US and Iran, as investors weighed oil market risks.
Key Takeaways
AIGold prices rose on Tuesday amid indications of diplomatic efforts to ease tensions between the United States and Iran, as investors assessed the risk of higher oil prices following threats by Yemen's Houthis to close Yemeni ports and airports and impose a naval blockade on neighboring countries.
Spot gold gained 0.5 percent to $4,023.56 per ounce, while US gold futures for August delivery rose 0.3 percent to $4,028.
According to Reuters, oil prices fell on Tuesday as markets weighed reports of mediation efforts between the United States and Iran, renewed exchanges of attacks between the two sides, and threats from Yemen's Houthis.
Among other precious metals, spot silver rose 0.9 percent to $56.93 per ounce, platinum slipped 0.2 percent to $1,591.22, and palladium gained 0.3 percent to $1,256.68.