Gold Surges to Seven-Week High as Traders Weigh Hormuz Reopening

Gold prices rose for the fourth consecutive session on Thursday, reaching their highest level in seven weeks. The metal gained 0.2% to $4,254.98 per ounce, its highest point since June 18. This surge comes as traders assess the likelihood of the Strait of Hormuz reopening and the impact on global markets.

The US dollar's weakness has also supported gold prices, which have been climbing steadily in recent days. Spot silver, however, fell 0.5% to $61.78 per ounce. Platinum and palladium saw gains, with platinum reaching its highest level since June at $1,755.18 and palladium rising 0.8% to $1,748.08.

Gold futures also rose 0.2% to $4,312.80, while the precious metal's largest single-day gain since February was recorded in the previous session.