Gold prices rose today, Thursday, for the fourth consecutive session, reaching their highest level in 7 weeks, supported by a decline in the dollar and increasing hopes regarding the reopening of the Strait of Hormuz.
As of 09:34 Moscow time, December gold futures (Comex) rose by 0.24% to $4315.40 per ounce.
Meanwhile, spot gold contracts increased by 0.23% to $4256.59 per ounce, according to trading data.
The yield on 10-year U.S. Treasury bonds fell, and the dollar index came under pressure. The decline of the U.S. currency leads to lower prices of dollar-denominated commodities for holders of other currencies.
An Iranian source and two regional officials told Reuters that a proposed agreement between Iran and Oman to help end the five-month war between Iran and the United States would give Tehran control over ships entering the Gulf through the Strait of Hormuz, which could be one of the largest concessions made to Iran so far.
Growing optimism regarding the end of the conflict with Iran has led to a decline in market expectations for a U.S. interest rate hike in September 2026 to 55%, down from 67% two days ago.