Gold prices surged over 3% to approximately $4,230 per ounce, marking a third consecutive day of gains. The increase is driven by market optimism surrounding a potential agreement to reopen the Strait of Hormuz, a critical oil trade route. Reduced expectations of additional Federal Reserve rate hikes have also enhanced the appeal of precious metals as a stable investment. The weaker US dollar has further supported the upward trend in gold prices, making the metal more attractive to investors holding other currencies. Market participants will closely monitor developments regarding the Strait of Hormuz negotiations as well as upcoming Federal Reserve statements and data releases.
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