Gold Reaches a 7-week high of $4,254
Gold prices reached a seven-week high of $4,254.98 per ounce on Thursday, gaining 0.2 percent as the US dollar weakened and traders assessed the likelihood of Strait of Hormuz reopening. The precious metal posted its fourth consecutive session of gains.
Gold prices extended their rally on Thursday, marking the fourth consecutive session of gains as traders reassessed geopolitical risks and currency dynamics. Spot gold climbed 0.2 percent to settle at $4,254.98 per ounce, reaching its highest level since mid-June. The advance was underpinned by weakness in the US dollar as market participants evaluated the prospects for reopening the Strait of Hormuz.
US gold futures also participated in the rally, rising 0.2 percent to $4,312.80 per ounce. The previous session had seen gold post its largest single-day gain since February, underscoring the strength of recent momentum in the precious metals complex.
Performance among other precious metals was mixed. Spot silver declined 0.5 percent to $61.78 per ounce, while platinum climbed 0.8 percent to $1,755.18, reaching its highest level since June. Palladium also advanced 0.8 percent to $1,748.08, extending its winning streak to three consecutive sessions.
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