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.
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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.
