Gold Prices Soar to Four-Day High on Weaker Dollar and Diplomatic Optimism

Gold prices rose for the fourth consecutive session on Thursday, supported by a weaker US dollar and lower Treasury yields. The precious metal's price surged over 4% on Wednesday to reach its highest level since June 18 at $4,303.4 per ounce.

Tony Sycamore, a market analyst at IG, attributed the rally to increasing optimism over a possible diplomatic breakthrough in the Middle East, which could ease upward pressure on oil prices.

Investors are now awaiting the release of the US nonfarm payrolls report for July on Friday, after the ADP report showed private-sector hiring slowed last month. The Strait of Hormuz crisis remains a key factor driving gold's price increase.