U.S. gold futures climbed 0.9% to $4,345.80 an ounce, marking the fourth consecutive session of gains and touching the highest level in seven weeks.
The advance was driven by a confluence of factors: weakening oil prices, a softer U.S. dollar, and lower Treasury yields, all underpinned by growing market optimism that diplomatic efforts could ease tensions surrounding the Strait of Hormuz.
A sustained break above the 200-day moving average could pave the way for a stronger recovery toward the $5,000 mark, according to technical analysts cited in market reports.
The price action reflects a shift in risk sentiment as traders weigh the potential for a de-escalation in the critical shipping corridor.
A sustained break above the 200-day moving average could pave the way for a stronger recovery toward the $5,000 mark, according to technical analysts cited in market reports.
The move underscores how geopolitical narratives continue to drive safe-haven flows, even as immediate physical supply risks appear to moderate.
This development follows a period of heightened volatility in energy and precious metals markets linked to shipping disruptions in the Hormuz region.