Gold gains over 1% as oil falls

Gold prices rose by more than 1% during early trading, reaching $4,103.99 per ounce. This increase followed a halt in fighting in the Middle East and a decline in oil prices, which alleviated inflation concerns and sustained expectations of higher interest rates. The drop in oil prices and reduced geopolitical worries led to a weaker dollar and lower U.S. Treasury yields, boosting gold's appeal as a safe-haven investment. However, markets anticipate that the Federal Reserve will keep interest rates unchanged, with an 80% chance of a rate hike in September, as rising interest rates tend to diminish gold's attractiveness. Additionally, other precious metals also saw gains, such as silver, which increased by 2.7%, and platinum, which advanced by 2%.

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