Gold Hovers Near Seven-Week High as Strait of Hormuz Deal Awaited
Gold trades around $4,270, consolidating after briefly topping $4,300, while markets watch for confirmation of an Iran-Oman agreement on the Strait of Hormuz.
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Gold is consolidating around $4,270 per ounce on Thursday, having briefly surpassed $4,300 earlier in the session. The precious metal is up 0.53% on the day, hovering near its highest level in seven weeks.
The US dollar has steadied, providing a mixed backdrop for gold, while traders await confirmation of a possible agreement between Iran and Oman regarding the Strait of Hormuz. The outcome could influence geopolitical risk premiums in the gold market.
Source: FXStreet Forex News