Gold Gains Amid Oil Decline and Fed Decision

Gold prices rose today, supported by a decline in oil prices following a halt in strikes between the United States and Iran. This development eased concerns about inflation and increased the likelihood of interest rates remaining at high levels. The ceasefire between the two sides led to a drop in oil prices of more than 5%, while the US dollar and Treasury bond yields also decreased, boosting gold prices which reached approximately $4,075 per ounce in spot trading and $4,098 for futures contracts. The market is awaiting the Federal Reserve's meeting on Wednesday, with a 34% chance expected for an interest rate hike. Markets show a 79% probability of a rate increase in September, aligning with gold price expectations. Additionally, other precious metals such as silver and platinum also saw gains.

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