Gold prices rose on Thursday, supported by a weaker dollar, amid growing optimism about a possible deal between the United States and Iran to end the war, which has driven up energy prices and raised fears of worsening inflation.
Gold rose 0.9% to $4,830.66 per ounce in spot trading by 01:03 GMT. U.S. gold futures for June delivery also gained 0.6% to $4,852.40.
The dollar hovered near its lowest level in more than a month, making dollar-denominated commodities, such as gold, less expensive for holders of other currencies.
The administration of US President Donald Trump expressed optimism on Wednesday about the possibility of reaching an agreement to end the war with Iran, but at the same time warned of increased economic pressure on Tehran if it continues its hardline stance.
As for other precious metals, silver rose 1.4% in spot trading to $80.17 an ounce, platinum gained 1.2% to $2,134.55, and palladium climbed 1.1% to $1,590.14.
