Gold, silver prices soar 4% on US-Iran peace talks
What's the story
Gold and silver prices have seen a spike today, driven by a weaker US dollar and declining oil prices. The developments come amid the ongoing US-Iran peace talks, which are easing inflation concerns. Spot gold prices surged 1.4% to $4,570.88 per ounce while US gold futures for June delivery rose 1.1% to $4,572.90.
Silver surge
Silver, platinum and palladium prices also surge
Silver prices have also witnessed a major spike, with spot silver price jumping 3.9% to $78.42 per ounce. Other commodities such as platinum and palladium have also seen an increase in their respective prices. Platinum rose 1.9% to $1,959.85 while palladium was up by the same percentage at $1,373.25 per ounce.
Currency impact
Weaker dollar drives up bullion prices
The weakening of the dollar has made greenback-priced bullion more affordable for holders of other currencies. This is further contributing to the rise in gold and silver prices. Oil prices have also plummeted over 5% as markets react to the potential US-Iran peace talks. Brent crude price fell by 5.1% to $98.22 per barrel while West Texas Intermediate dropped by a similar margin to $91.57 a barrel.