Gold near $4,795 as President Trump cites possible U.S.-Iran truce
Gold prices didn't budge on Friday, staying near $4,795 per ounce, after President Trump shared some optimism about a possible truce between the US and Iran.
This bit of calm comes while tensions in the Middle East are still high and global markets are watching closely.
Ceasefire announcement lowers oil prices
Trump's announcement of a temporary ceasefire between Israel and Lebanon, backed by Israeli Prime Minister Netanyahu, helped push oil prices down, especially as US stock markets hit new highs.
Even with ongoing disputes over the Strait of Hormuz, lower oil prices have eased some pressure on gold.
Meanwhile, rising consumer costs have people guessing that interest rates could stay up or even rise, though Fed official John Williams hinted rate cuts might still happen in the longer term.