Gold Jumps on Weaker Dollar, Middle East Peace Hopes
Spot gold climbed 1.7% as a weaker dollar and hopes for a U.S.-Iran peace deal lifted demand, traders said.
- Gold prices rose 1.7% to $4,633.31 per ounce on Wednesday, driven by a weaker dollar and optimism surrounding a potential Iran peace deal.
- President Donald Trump announced on Tuesday a brief pause to escort operations in the Strait of Hormuz, citing progress toward a comprehensive peace deal with Iran.
- Secretary State Marco Rubio told reporters that "operation Epic Fury is concluded," confirming the ceasefire between the nations remains intact despite earlier tensions.
- Spot silver rose 2.7%, platinum gained 1.7%, and palladium increased 2.1% as oil prices retreated; Kelvin Wong, a senior market analyst at OANDA, warned re-escalation could trigger profit-taking.
- Investors now await the non-farm payrolls release later this week, which will test whether the Federal Reserve maintains its current policy stance or pivots toward rate cuts.
22 Articles
22 Articles
The dollar starts the day with a sharp setback and breaks the threshold of $900 in a day of widespread increases in world stock exchanges and the collapse of the price of oil due to expectations of a possible agreement between the United States and Iran to end the war in the Middle East. At the close of this note, its price stood at $894,45, corresponding to an increase of 1.61% over the price of the previous day.The US currency experienced a de…
The prospect of a reopening of the Strait of Ormuz, a bottleneck of 20% of the world's oil supply, led to a fall in crude oil prices on Wednesday.
Oil prices fall over 5% on Middle East peace hopes
Oil prices plunged on Wednesday on fresh hopes of the United States and Iran reaching a peace deal to end the Middle East war. International benchmark Brent North Sea crude dived 6.2 percent to $103.04 per barrel. The main US contract West Texas Intermediate slid 6.4 percent to $95.68 per barrel. AFP The post Oil prices fall over 5% on Middle East peace hopes appeared first on Vanguard News.
Coverage Details
Bias Distribution
- 73% of the sources lean Right
Factuality
To view factuality data please Upgrade to Premium
