Gold Price Surges as US-Iran Deal Hopes Ease Inflation Concerns

The gold price surged nearly 4% to around $4,230 an ounce on Wednesday as hopes for a US-Iran deal lifted concerns over inflation and interest rates.

This marks the third consecutive day of gains for gold, with the precious metal's value approaching its highest level since mid-June.

The rally follows reports that the US may be close to reaching an agreement with Iran to reopen the Strait of Hormuz, sending oil prices and the US dollar lower.

Gold had fallen by over 20% in recent months due to concerns about interest rate hikes and inflation, but the prospects for a deal have eased some of these fears.