Gold, Silver Rate Today Highlights: Yellow metal hits seven-week high as oil prices lift demand

Gold prices extended their gains for a fourth consecutive session on Thursday, touching a seven-week high as weaker oil prices, a softer US dollar and lower US Treasury yields lifted demand for the safe-haven metal amid growing optimism over the reopening of the Strait of Hormuz.

The rally followed modest gains on Wednesday, when a weaker dollar supported bullion prices as investors awaited key US labour market data for clues on the Federal Reserve’s interest rate path.

On Wednesday, spot gold rose 0.1% to $4,081.09 per ounce, while US gold futures slipped 0.4%. Investors are closely watching the July non-farm payrolls report due on Friday, along with the ADP employment data, while also tracking developments in the US-Iran conflict and oil prices for their potential impact on inflation and the Fed’s policy outlook.

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