The price of gold on the spot market rose 1.1 percent to trade at $4,559.07 as of 11:36 a.m. ET today. U.S. gold futures contracts gained 0.8 percent to $4,559.80.
Silver prices also rose parallel to the rise in gold. The ounce price of silver rose more than 2 percent on the spot market to reach $77.
US President Donald Trump said the governments of Washington and Tehran are “essentially negotiating” a peace deal that would reopen the Strait of Hormuz to trade.
Possibility of opening the Strait of Hormuz
Trump's growing expectations that a deal with Iran will be reached raises the possibility of a reopening of the Strait of Hormuz.
Analysts said this situation put pressure on oil prices and gave expected support to gold by easing inflation expectations.
On the other hand, the fall of the dollar index in global markets to its lowest levels last week made the price of gold in dollars more attractive for investors with other currencies.
Oil prices, which have a direct impact on inflation expectations, fell to their lowest level in two weeks.
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