Commodities
Gold Prices Soar Amid Oil Price Decline and Rising Rate Hike Odds
Gold prices rose by 0.75% on Tuesday to $4,106, its highest level in two days, as oil prices fell and US Treasury yields decreased.
The improvement in risk appetite contributed to the increase in gold prices, with the yellow metal benefiting from the decline in crude prices and inflation expectations.
According to reports, Iran and Oman are holding talks on the reopening of the Strait of Hormuz, which has put pressure on oil prices and eased inflation pressures.
The US Dollar Index (DXY) fell by 0.05%, while the Federal Reserve's chances of raising interest rates in September have increased to nearly 59% and to 83% for December, according to Prime Terminal.