Commodities
Gold Prices Soar Above $4200 Amid Renewed Hopes for Strait of Hormuz Reopening
Gold prices surged to a nearly seven-week high on Wednesday, climbing above $4,200 an ounce in spot trading. This significant increase was driven by lower US Treasury yields and renewed hopes of progress toward reopening the Strait of Hormuz.
The price of gold jumped 4.4% to $4,256.85 an ounce, surpassing its highest level since June 18 at $4,258.99. It also broke above its 50-day moving average, which now provides support at $4,160.
US gold futures for December delivery rose 4% to $4,317.40, while other metals such as silver and platinum experienced significant gains. Silver surged 4.9% to $62.44 an ounce, its highest level since July 6, and palladium rose 1.6% to $1,374.75 after reaching its highest level since June 2.