Gold Breaks Above $4,200 an Ounce in Spot Trading
Gold prices surged 4.4% to $4,256.85 per ounce on Wednesday, reaching their highest level in nearly seven weeks, driven by lower US Treasury yields and renewed optimism regarding the Strait of Hormuz. December gold futures also climbed 4% to $4,317.40, with silver and other precious metals posting similar gains.
Precious metals rallied sharply during Wednesday trading, with gold achieving its strongest performance in months. Spot gold jumped 4.4% to settle at $4,256.85 per ounce after reaching an intraday peak of $4,258.99, surpassing its 50-day moving average which now sits at $4,160 as a support level. The gains represented the largest single-day advance since February and were attributed to declining US Treasury yields alongside improved sentiment regarding potential progress on reopening the Strait of Hormuz. December-delivery gold futures also participated in the rally, advancing 4% to $4,317.40. Other precious metals followed suit, with spot silver surging 4.9% to $62.44 per ounce after reaching its highest point since early July. Platinum remained relatively stable at $1,735.28 after touching its strongest level since mid-June, while palladium rose 1.6% to $1,374.75 following its highest close since early June.
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