COMEX gold climbed to a three-week high on Thursday as dollar holds losses near a seven week low amid easing inflation pressures and diminishing expectations for more aggressive Federal Reserve tightening. Reports of a deal to partially reopen the Strait of Hormuz pushed oil prices lower, significantly easing broader market concerns surrounding inflation and the outlook for interest rates and supporting gains in the precious metals. Meanwhile, ADP data showed the US economy created just 44,000 private-sector jobs in July, marking the weakest monthly gain since January and falling well short of forecasts for 70,000. Currently, the yellow metal is quoting at $4328.40 an ounce, up around half a percent on the day. Silver futures are also hovering around a one-month high at $62.24 an ounce.

Powered by Commodity Insights