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Commodities

Gold Reaches Near One-Month High Amid Fading Rate Hike Bets

Guavy AI Editorial Team
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Gold
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Gold prices held near a one-month high as Federal Reserve rate hike bets faded and the US Dollar softened. The metal currently trades around $4,170, just below its nearly one-month peak touched earlier this week.

The optimism surrounding a potential US-Iran deal and the reopening of the Strait of Hormuz has tempered Fed rate-hike expectations, keeping USD bulls on the defensive. This has contributed to Gold's strong bid tone in the European session.

US Treasury Secretary Scott Bessent said that the US could reach a deal with Iran to reopen the Strait of Hormuz by Wednesday and move towards a more normalized position in this conflict.

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