Gold up 0.7% near $4,465 after Israel and Lebanon ceasefire
Business
Gold prices got a boost, rising 0.7% to almost $4,465 per ounce on Thursday after Israel and Lebanon agreed to a conditional ceasefire in a joint statement with the US.
The deal asks Hezbollah to completely stop firing, which many see as a hopeful step toward calming things down in the region.
Dip buyers jumped in after yesterday's drop, helping gold recover.
Lorie Logan hints rate hikes possible
Even with this rise, gold is still 16% below its pre-conflict levels. Silver also edged up by 0.5%, and platinum and palladium saw gains too.
With the dollar slipping slightly and oil prices reacting to Middle East tensions, central banks remain cautious: Dallas Fed President Lorie Logan even hinted that interest rate hikes might still be needed to keep inflation under control.