In the spot market, the price of gold per ounce rose by 1.1% as of 0830GMT,, trading at $4,559.07 amid positive signals from the ongoing tensions in the Middle East, Anadolu reported.
The US gold futures also gained 0.8% to reach $4,559.80 and in line with the rise in gold, silver prices also saw an increase; the price of silver per ounce rose by more than 2% to reach $77.
US President Donald Trump had stated that the governments of Washington and Tehran had negotiated extensively on a memorandum of understanding for a peace agreement that would reopen the Strait of Hormuz to trade.
Trump’s remarks, which raised expectations of some form of agreement with Iran, are strengthening the likelihood of the Strait of Hormuz reopening.