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Gold prices rose by more than 1% at the close of trading on Monday, supported by a decline in the dollar and a decline in oil prices, while investors evaluated the possibilities of making progress in negotiations to end the US-Israeli war on Iran.
Price movements
The price of gold in spot transactions rose by 1.1%, reaching $4,559.07 per ounce.
US gold futures for June delivery also rose by 0.8% to reach $4,559.80.
The dollar declined and there was optimism that an agreement between Washington and Tehran would soon be reached
The rise in the precious metal came with the decline of the dollar, which made gold denominated in the US currency less expensive for holders of other currencies.
US President Donald Trump said on Sunday that he asked his representatives not to rush to conclude any agreement with Iran, after his administration reduced expectations of an imminent breakthrough in the war that has been ongoing for three months, following a wave of optimism witnessed in the markets the previous day.
Likewise, Trump had also stated that Washington and Tehran had completed “a great deal of negotiation” on a memorandum of understanding for a peace agreement that could lead to the reopening of the Strait of Hormuz.
At the same time, oil prices fell to their lowest levels in two weeks amid growing optimism about the possibility of reaching a peace agreement, despite continuing disagreements on a number of basic issues.
Performance of other metals
As for other precious metals, silver jumped in spot transactions by 3.9% to $78.42 per ounce, while platinum rose by 1.9% to $1,959.85 per ounce, and palladium rose by 1.9% to $1,373.25 per ounce.
