Gold, silver prices rise as dollar weakens
Gold and Silver Bars
Gold prices rose during Monday trading, supported by a weaker US dollar and lower oil prices, as investors awaited any positive developments regarding peace negotiations between the US and Iran.
Tim Waterer, Chief Market Analyst at KCM Trade, said comments by US President Donald Trump regarding the possibility of reaching an agreement with Iran boosted market optimism. Reopening the Strait of Hormuz could lead to lower oil prices, easing inflationary pressures and providing strong support for gold prices, Reuters reported.
|
Changes in Precious Metals Prices (Futures and Spot) |
|||
|
Metal |
Price ($/oz) |
Change ($) |
Change (%) |
|
Gold (June futures) |
4593.80 |
+37.40 |
+0.80% |
|
Spot Gold |
4557.67 |
+48.27 |
+1.10% |
|
Silver (July futures) |
78.01 |
+1.81 |
+2.35% |
|
Spot Silver |
77.71 |
+2.17 |
+2.85% |
|
Spot Platinum |
1965.15 |
+37.48 |
+1.95% |
|
Spot Palladium |
1385.44 |
+32.93 |
+2.45% |
Meanwhile, the US dollar index — which measures the performance of the US currency against a basket of six major currencies — fell 0.25% to 99 points as of 08:27 am Makkah time.
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