Gold prices in the global market are almost stable today and are showing an increase for the fourth consecutive week.
According to the British news agency, hopes for a possible peace agreement between the United States and Iran have somewhat reduced concerns about high inflation and interest rate hikes, due to which gold prices are showing an increase.
Spot gold remained almost unchanged at $4,789.67 per ounce as of 0229 GMT, but it recorded an increase of about 0.9% every week. A 10-day ceasefire between Lebanon and Israel came into effect late Thursday, while US President Donald Trump said the next meeting between the US and Iran could take place during the weekend.
According to Tim Waterer, chief market analyst at KCM Trade, investors are now closely watching for concrete progress in US-Iran talks. He said any progress or extension of the current fragile ceasefire could further ease oil markets and inflation concerns, which could create room for gold prices to rise.a
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