Gold prices moved higher on Thursday as a weaker U.S. dollar and falling oil prices increased demand for the precious metal, while investors monitored signs of easing tensions in the Middle East.
Spot gold rose 0.7% to $4,461.09 per ounce, while U.S. gold futures for August delivery gained 0.5% to reach $4,487.90 per ounce.
The weaker dollar helped support gold prices by making the metal cheaper for buyers using other currencies. When the dollar falls, gold often becomes more attractive to international investors.
Market sentiment was also influenced by lower oil prices following reports of a ceasefire agreement between Lebanon and Israel. The development raised hopes that wider regional tensions could ease, reducing uncertainty in global markets.
Investors are continuing to watch diplomatic efforts closely, looking for signs that broader stability may return to the region. Any progress toward de-escalation could have an impact on commodities, currencies, and financial markets worldwide.
Other precious metals also recorded gains during trading.
Silver climbed 0.6% to $73.13 per ounce, while platinum rose 0.7% to $1,872.11 per ounce. Palladium posted the strongest increase among the major precious metals, gaining 0.9% to reach $1,313.51 per ounce.
The overall rise in precious metals reflected a combination of currency movements, shifting energy prices, and investor reactions to developments in the Middle East.
For now, traders remain focused on geopolitical events, the direction of the U.S. dollar, and broader economic signals that could influence demand for safe-haven assets such as gold.
