Gold prices remain nearly unchanged as traders assess diplomatic efforts by the US and Iran to end the two-month conflict. This is reported by Bloomberg, according to UNN.
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At the start of trading, bullion was trading near $4,690 per ounce after a 0.6% decline the previous day. US President Donald Trump held a national security meeting regarding Iran's peace proposal, while the White House stated there are "red lines" for a deal.
According to media reports, Tehran has proposed temporarily opening the Strait of Hormuz in exchange for ending the blockade of Iranian shipping. Due to the conflict, energy transit through this key route has nearly come to a standstill.
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Investors are also awaiting central bank decisions on interest rates. Increased inflationary risks could force regulators to maintain or raise rates, which negatively impacts gold.
As of this morning in Singapore, the spot price of gold rose by 0.1% to $4,687.31 per ounce. Silver added 0.5%, and prices for platinum and palladium also rose.
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