Gold And Silver Reach Highest Prices In Weeks Amid Iran Peace Hopes
Spot gold climbed 3% and silver 6% as reports of a possible U.S.-Iran nuclear deal sent oil lower and weakened the dollar.
- On Thursday, spot gold jumped 1.2% to $4,750 per ounce, while silver futures for July delivery jumped 3.9%, as markets responded to reports that the U.S. and Iran could be nearing a peace deal to end the 69-day war.
- Hopes for a nuclear agreement sent crude oil tumbling nearly 9%, reducing inflation expectations and prompting traders to recalibrate expectations for Fed policy, which opened the door to potential rate cuts.
- Bullion traded near $4,685 per ounce early Wednesday, building momentum into Thursday when the PHLX Gold/Silver Sector climbed roughly 8% as investors rotated into non-yielding assets.
- Dollar weakness drove the rally as the DXY eased 1%, mechanically lifting dollar-priced metals and pulling in cross-border buyers. Philippe Gijsels, chief strategy officer at BNP Paribas Fortis, maintains a bullish view on precious metals.
- Investors now focus on next Friday's non-farm payrolls report as the next swing factor for metals. Experts expect the secular bull market in gold and silver to potentially resume this year.
12 Articles
12 Articles
Gold and Silver Catch Fire as Iran Deal Hopes Rewrite the Inflation Playbook
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Silver has returned to the centre of the raw materials market after rising by more than 5% in just one session, driven by the expectations of a possible peace agreement between the United States and Iran.
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Gold, silver soar as US-Iran deal hopes lift bullion demand
New Delhi, May 06: Gold prices rebounded by Rs 2,900 to Rs 1.55 lakh per 10 grams in the national capital on Wednesday, while silver climbed to Rs 2.54 lakh per kilogram as easing geopolitical tensions triggered a pullback in oil rates, boosting demand for precious metals. According to the All India Sarafa Association, the yellow metal of 99.9 per cent purity jumped by Rs 2,900, or nearly 2 per cent, to Rs 1,55,400 per 10 grams (inclusive of all…
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