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Gold prices rose to their highest level in more than a week on May 6, supported by reports that the United States and Iran may be nearing a peace agreement. The development eased concerns about rising inflation and reduced expectations that interest rates would remain high for an extended period.
Gold spot prices climbed 2.7% to $4,678.95 per ounce, after reaching a session high not seen since April 27. US gold futures also rose 2.7% to $4,690.20 per ounce.
The move coincided with a 0.5% decline in the USD index, which made dollar-denominated assets cheaper for investors holding other currencies.
“Optimism about a final agreement between the US and Iran has provided some near-term relief for gold, as oil prices retreat, inflation worries ease, and expectations for a shift in Fed policy in the coming period change,” said Peter Grant, Vice Chairman and Senior Metal Strategist at Zaner Metals.
“I don’t think we’re entirely out of the woods. The market will continue to rotate around developments in the Middle East,” he added.
Washington and Tehran are reportedly nearing an agreement in the form of a one-page memorandum to end the war in the Gulf, according to a mediator from Pakistan and another source familiar with the talks.
The prospect of a potential deal helped push global oil prices lower, with Brent crude around $100 per barrel. Higher oil prices typically raise inflation concerns and can lead central banks to keep interest rates elevated to curb price pressures.
Although gold is often seen as an inflation hedge, it can underperform in a high-rate environment because it does not yield. Investors are now focusing on the US jobs report due on Friday to assess whether the economy remains strong enough for the Federal Reserve to maintain policy or whether a weaker labor market could support expectations for rate cuts.
ADP private payrolls showed US jobs growth in April beat expectations.
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