The price of gold continued to rise on Thursday for the fourth consecutive session.
It reached its highest level in about seven weeks.
This was supported by a weaker dollar and lower U.S. Treasury yields, along with growing hopes for the reopening of the Strait of Hormuz.
Spot gold rose 1% to $4,285.69 per ounce.
This is the highest level since June 18, after it posted its biggest daily gains since February in the previous session.
U.S. gold futures also rose 0.9% to $4,345.50 per ounce.
The rise in gold prices coincided with a decline in the yield on 10-year U.S. Treasury bonds.
In addition, the dollar index came under pressure, making gold less expensive for holders of other currencies.
Optimism regarding the possibility of reaching an agreement to ease tensions between Iran and the United States also bolstered investor appetite for gold.
This comes amid ongoing developments regarding the Strait of Hormuz.
In the markets, expectations for a U.S. interest rate hike in September have fallen to 55%.
Meanwhile, investors are awaiting the release of the U.S. jobs report.
As for other precious metals, silver rose to $62.34, platinum to $1,750.15, and palladium to $1,377 per ounce.
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