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Commodities

US-Iran Tensions Ease, Gold Prices Surge $61 to $4151

Guavy AI Editorial Team
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Gold and silver prices surged on August 4 as tensions between the US and Iran eased.

The Comex gold futures contract rose by $61 to an intraday high of $4,151 per troy ounce, while silver futures advanced $2.35 to $60.24 per ounce.

The rally in precious metals came as hopes of a diplomatic breakthrough between the US and Iran gained momentum.

US Treasury Secretary Scott Bessent told CNBC that an agreement to reopen the Strait of Hormuz could be reached 'today or tomorrow', echoing comments by US President Donald Trump who said the strategic waterway could reopen within hours.

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