Gold rises on weaker dollar as investors weigh US-Iran peace deal prospects
Precious metal gold has risen once more amid a weaker dollar as capital investors weigh US-Iran peace deal prospects.
Gold prices rose 1.4 percent to $4,570.88 per ounce on Monday, while oil prices fell as benchmark London Brent crude fell 4 percent below $100 a barrel.
The US dollar fell as well, making greenback-priced bullion more affordable for holders of other currencies.
Other precious metals rose with spot silver climbing 3.9 percent to $78.42 per ounce, platinum rising 1.9 percent to $1,959.85, and palladium reaching up to 1.9 percent at $1,373.25.
The market developments are attributed to investors weighing prospects of a breakthrough in US-Iran peace negotiations easing economies.
On Saturday, US President Donald Trump announced that Washington and Iran had “largely negotiated” a memorandum of understanding (MOU) on a peace deal that would reopen the Strait of Hormuz, a vital shipping passage whose closure has upended global energy markets since the US-Israeli war on Iran in late February.
“Final aspects and details of the Deal are currently being discussed, and will be announced shortly,” Trump wrote on Truth Social amid efforts by Pakistan to end the US-Israeli war of aggression.
On Sunday, he told the US negotiators not to rush into any deal.
The ailing US economy is taking a hit as surging gasoline prices due to the Iran war are pushing up inflation and eroding consumer sentiment.
Americans, as a result of the mounting economic pressure, are rapidly losing trust in Trump, with his approval rating dipping to an all-time low as consumer sentiment erodes.
Analysts say that on the surface, it might appear that Trump is obsessed with being popular. However, deep down in the megalomaniac egoistic Trump’s head, he remains apathetic towards public opinion even if he is loathed by a large majority of Americans when he departs the White House, so long as there remain to be huge buildings with his name on them.
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