Gold prices rose by more than 1% on the global market following moves by both the United States and Iran to temporarily halt hostilities, easing geopolitical tensions while increasing investor demand for precious metals.
Spot gold gained 1.3% to reach US$4,103.59 per ounce, while US gold futures climbed 0.9% to US$4,106.00 per ounce.
Market analysts attributed the rise in gold prices to a decline in crude oil prices and a 0.3% drop in the value of the US dollar, making gold more attractive to investors.
Investors are also closely watching the upcoming US Federal Reserve policy meeting scheduled for July 28 and 29, with markets widely expecting interest rates to remain unchanged.
In addition to gold, other precious metals also recorded notable gains. Silver rose 2.7% to US$59.74 per ounce, platinum increased 3.5% to US$1,643.70 per ounce, and palladium advanced 3.4% to US$1,285.00 per ounce.
The gains reflect renewed investor interest in precious metals amid shifting market conditions and expectations surrounding US monetary policy.
