Forex
Gold Prices Climb to Seven-Week High Amid Weakening Hopes Over Strait of Hormuz
Gold prices rebounded to a seven-week high on Thursday, reaching $4,265.22 an ounce after rising 0.5% in a four-session advance.
The rally follows weakening hopes of progress over the Strait of Hormuz, which has reduced fears of inflation and increased demand for gold as a safe-haven asset.
US private employers added 44,000 jobs in July, down from a revised 95,000 in June, according to ADP's report. This has led to a decrease in the probability of a quarter-point Federal Reserve rate increase in September to roughly 55%.
The dollar and Treasury yields weakened further after the jobless figures were released, but gold remains about 19% below its level when the US-Iran conflict began on February 28.