Gold Surges Over 4% to Near $4,300 on US-Iran Deal Optimism
Gold prices rallied more than 4% to approach $4,300 per ounce, buoyed by growing optimism over a potential US-Iran agreement and the prospect of lower energy costs, according to ING analysts.
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Gold jumped over 4% in a sharp rally, with spot prices edging closer to $4,300 per troy ounce. Analysts at ING, Warren Patterson and Ewa Manthey, attributed the move to rising expectations of a US-Iran deal and easing energy prices.
The bullish case for gold was supported by hopes that geopolitical tensions in the Hormuz region could de-escalate, reducing safe-haven demand but also lowering inflation fears through cheaper energy.
No further details from the ING note were provided.
Source: FXStreet Forex News