Gold rises 0.8% to $4,593.11 after Trump cited U.S.-Iran progress
Gold got a boost this week, climbing 0.8% to $4,593.11 per ounce after President Trump said there's been "great progress" in U.S.-Iran negotiations.
Amid ongoing tensions in the Strait of Hormuz and the dollar dipping, investors found gold more attractive, especially since a weaker dollar makes it cheaper for buyers worldwide.
Gold under inflation and Fed pressure
Even with this bump, gold's still feeling some pressure from worries about inflation and possible Fed rate hikes: prices have dropped over 12% since the war began in late February.
Silver also saw gains (up 1.3%), along with platinum and palladium.
Head of research and metals strategy at trader MKS PAMP SA Nicky Shiels pointed out that while retail demand is slow right now, big investors could drive the next move for gold if momentum picks up.