Gold jumps after US and Iran reach 60-day cease-fire memorandum
Business
Gold made a comeback on Thursday, climbing from a two-month low after the US and Iran reached a memorandum of understanding on a 60-day cease-fire extension.
Prices jumped by 1.1%, with spot gold hitting $4,504.07 per ounce and US futures settling at $4,532.40.
Weaker dollar prompts Fed pause speculation
A weaker US dollar (down 0.2%) made gold more affordable for buyers abroad, while lower Brent crude prices also helped.
Inflation in the US stayed steady at 3.8% in April, right on target, which has people guessing the Federal Reserve might pause rate hikes soon.
China's Hong Kong gold imports surge
China's gold imports through Hong Kong soared by over 81% in April, showing strong demand even as rising interest rates have made other investments more attractive this year.