Gold Rises Above $4,200 Amid Hopes for Strait Reopening

Gold prices surged to their highest level in nearly seven weeks on Wednesday, climbing above $4,200 an ounce due to lower US Treasury yields and hopes of progress toward reopening the Strait of Hormuz.

The spot price of gold jumped 4.4% to $4,256.85 an ounce, exceeding its previous high since June 18 at $4,258.99. The metal's 50-day moving average now provides support at $4,160.

US gold futures for December delivery also rose by 4%, reaching $4,317.40. Meanwhile, other metals saw significant gains, with spot silver surging 4.9% to $62.44 an ounce and palladium increasing by 1.6% to $1,374.75.