Spot gold jumped 4.09% to $4,242.92 an ounce on Wednesday, its highest level in almost seven weeks, after Reuters reported a proposed Iran-Oman deal over Gulf shipping. Oil moved the other way, with U.S. crude easing while Brent firmed. The dollar index also slipped, separately from a drop in the odds of a September Fed rate hike.
Spot gold last traded up 4.09% at $4,242.92 an ounce on Wednesday, its highest level in almost seven weeks. The move followed recent talks on Iran, Reuters reported.
A senior Iranian source and two regional officials told Reuters that a proposed deal between Iran and Oman would give Tehran control over ships entering the Gulf through the Strait of Hormuz, one of the biggest concessions yet to Iran.
Even as gold climbed, U.S. crude fell 0.15% to $75.64 a barrel. Brent crude rose 0.54% to $79.79 per barrel.
The dollar index fell 0.11% to 99.75, with the euro up 0.13% at $1.1544. Markets also lowered the probability of a September Fed rate hike to 57% from 67%, the report said.
Separately, the 10-year Treasury yield held flat at 4.627%, while the 2-year yield rose 2 basis points to 4.214%.
Source: Investing.com
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