Gold prices in the global market rose for the fourth consecutive day on Thursday.
Spot gold prices rose by one percent to $4,285.84 per ounce, the highest level since June 18. In addition, US gold futures were trading at $4,345.80 per ounce, up 0.9 percent.
Among other precious metals, spot silver rose 0.1 percent to $62.16, platinum rose 1.7 percent to $1,764.10, while palladium rose 1.1 percent to $1,377.83 per ounce. The main reasons for the price increase include the weakness of the US dollar, declining Treasury bond yields and hopes for the reopening of the Strait of Hormuz.
Expectations of diplomatic progress in the Middle East have boosted investor confidence, according to IG Markets analyst Tony Sycamore. He added that if gold holds firmly above its 200-day moving average, the price could move towards $5,000 an ounce.
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