Gold hits seven-week high on hopes of Hormuz reopening

Gold prices have risen for a fourth consecutive session today, reaching their highest level in seven weeks as hopes grew that the Strait of Hormuz could reopen, according to Reuters.

Spot gold climbed 1 percent to $4,285.69 an ounce, its highest level since June 18, while US gold futures rose 0.9 percent to $4,345.50.

The gains were also supported by a weaker US dollar and lower Treasury yields. Optimism increased after reports of a proposed Iran-Oman agreement could ease the five-month conflict between Iran and the US and restore shipping through the strait.

-Al Jazeera