Gold Hits Seven-Week High as Dollar Weakens Amid Strait of Hormuz Concerns

Gold prices rose for the fourth consecutive session on Thursday, reaching their highest level in seven weeks. The precious metal's value increased by 0.2% to $4,254.98 per ounce, with US gold futures also rising 0.2% to $4,312.80. This upsurge comes amid a weaker US dollar and traders' assessments of the Strait of Hormuz reopening. In related markets, spot silver fell 0.5% to $61.78 per ounce, while platinum climbed 8% to $1,755.18, marking its highest level since June.

The gains in gold prices follow a significant single-day gain recorded in the previous session, making it one of the largest increases since February. Palladium also rose by 0.8% to $1,748.08 for its third consecutive session of gains.