Gold prices hit seven-week high as dollar weakens
Gold climbed for a fourth straight session on Thursday, reaching its highest level in seven weeks amid a weaker dollar and lower US Treasury yields.
Key Takeaways
AIGold prices rose for the fourth consecutive session on Thursday, reaching a seven-week high, supported by a weaker US dollar and declining US Treasury yields as optimism grew over the potential reopening of the Strait of Hormuz.
As of 00:35 GMT, spot gold was up 1 percent at $4,285.69 per ounce, marking its highest level since June 18. In the previous session, gold recorded its largest daily gain since February.
US gold futures climbed 0.9 percent to $4,345.50 per ounce.
The yield on the benchmark 10-year US Treasury note fell, while the US dollar index came under pressure. A weaker dollar makes dollar-priced commodities more attractive to holders of other currencies.
Among other precious metals, spot silver rose 0.4 percent to $62.34 per ounce, platinum gained 0.8 percent to $1,750.15, and palladium increased 1 percent to $1,377.