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Commodities

Gold and Silver Prices Soar on US-Iran Diplomatic Hopes

Guavy AI Editorial Team
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Gold and silver prices rose on Tuesday, August 4, due to hopes of a diplomatic breakthrough between the US and Iran. The Comex gold futures contract climbed $61 per troy ounce to an intraday high of $4,151.

The rally in precious metals was also attributed to lower crude oil prices, which reduced inflation concerns and eased pressure on the US Federal Reserve to raise interest rates.

US Treasury Secretary Scott Bessent told CNBC that an agreement to reopen the Strait of Hormuz could be reached 'today or tomorrow.'

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