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Gold climbed on Thursday, driven by hopes of a potential U.S.-Iran deal that resulted in lower yields and a weaker dollar, both of which bolstered the demand for the yellow metal.
At 7.04 AM ET, gold futures (June) were up 0.4% at $4,841, after losing about 3.8% over the past month. Meanwhile, spot gold rose 0.6% to around $4817 per ounce, after having lost nearly 7% since the U.S.-Iran war began in February.
Even as rising energy prices fuel inflation, typically boosting gold’s appeal as a hedge, the fear of persistently high interest rates is limiting demand for the metal.
Dollar Edges Lower
The U.S. dollar is hovering near its lowest level since early March, with the U.S. Dollar Index (DXY) at …
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