Gold reaches weekly high on US and Iran peace deal hopes
Spot gold rose 2.8 percent to 4,685.23 dollars per ounce as reports of a potential peace agreement between Washington and Tehran cooled inflation fears. The optimism led to lower oil prices and shifted market expectations regarding future Federal Reserve interest rate actions.
Xurve View
Insights:
Xurve View
Gold rose 2.8% to $4,685.23 per ounce on May 6 as the United States and Iran moved toward a peace deal. Prices reached their highest level since April 27, while the U.S. dollar index fell 0.4% during the session. A diplomatic resolution could lower inflation expectations and shift the Federal Reserve's path for interest rate cuts later this year.
