Gold prices rose for a second straight day on Friday, with an ounce of gold gaining nearly 0.7% to close at $4,539.
The precious metal recovered strongly after falling to $4,365 on Thursday. The rebound came after the release of U.S. consumer price data and growing optimism surrounding a possible agreement between the United States and Iran.
Gold futures for August delivery also moved higher, closing at $4,550 per ounce.
Market sentiment improved after reports suggested that negotiations between Washington and Tehran were making progress. According to several sources, the proposed agreement includes reopening the Strait of Hormuz and extending the ceasefire between the two countries for 60 days.
Investors viewed the developments as a positive sign for global markets, helping support gold prices over the past two trading sessions.
Although many expected U.S. President Donald Trump to approve the agreement on Friday, he said he would announce his decision at a later time.
Meanwhile, Iranian media reported that discussions are still ongoing and that the final details of the agreement have not yet been completed.
Traders continue to monitor developments closely, as any official announcement could have a significant impact on gold prices, oil markets, and overall investor sentiment.
