Park Avenue Numismatics
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7.22.26 - The Future of Gold and Oil
7.22.26 - The Future of Gold and Oil
Gold last traded at $4,130 an ounce. Silver at $59.73 an ounce.
Gold gains on hopes of de-escalation in Middle East conflict -CNBC
Reuters -- Gold rose more than 1% on Tuesday on hopes of a diplomatic breakthrough between the U.S. and Iran, which could ease energy prices and temper expectations of a hawkish Federal Reserve.
Spot gold gained 1.7% to $4,071.32 per ounce, while U.S gold futures for August delivery rose 1.5% to settle at $4,076.40.
"Commodities are higher across the board on expectations that a cease-fire in the Middle East could be in the works," said Marex analyst Edward Meir.
Gold is also drawing support from technical buying after breaking above a short-term downtrend in place since July 6 and prices are likely to remain range-bound in the near term, he added.
A senior Iranian official told Reuters on Monday that Tehran had received a proposal from mediators for a 10-day ceasefire in efforts to salvage the interim deal.
