Gold prices inched above $4,790 per ounce on Thursday, extending a four-day advance to trade near a two-week high. The move was underpinned by a weaker US dollar, as markets grew more optimistic about a potential resolution to the conflict with Iran.
President Donald Trump appeared to signal a possible end to the US military operation in Iran, shifting focus to his rare prime-time address scheduled for later today, following more than a month of hostilities. According to a White House official, Trump is expected to present a two- to three-week timeline for winding down the operation.
These developments contributed to a pullback in oil prices from recent highs and pushed the dollar index off the ten-month peak it reached earlier this week. Gold has gained more than 6% so far this week—its strongest weekly advance in 10 weeks—as traders reassess the Federal Reserve’s policy outlook, balancing the potential easing of geopolitical risks against lingering concerns over economic growth and inflation.
