Gold Prices Rise Amid Uncertainty Over Fed Policy and US-Iran Diplomacy

Gold prices increased in volatile trading on Thursday amid uncertainty over market expectations for Federal Reserve policy and unclear prospects for a diplomatic resolution to the conflict between Washington and Tehran.

The dollar index held steady at 101.08, while lower oil prices provided some support with crude prices declining after Tehran signaled its willingness to pursue diplomacy to end the US-Iran conflict.

According to Reuters, despite continued differences between the two sides over how to achieve a resolution, Tehran's willingness to pursue diplomacy has led to a decline in oil prices.

The prices of precious metals also fluctuated with gold (October) rising 0.25% to $4,296.0 per ounce and platinum (Spot) increasing 0.20% to $1,759.19 per ounce.