Gold Rises to $4,701/oz on US-Iran Peace Progress

Gold prices rose for a third straight session on Thursday, reaching their highest level since April 27, as optimism mounted over a potential peace agreement between the United States and Iran that weakened the dollar and drove down oil prices.

Spot gold climbed 0.3 percent to $4,701.19 per ounce as of 0231 GMT, following a roughly 3 percent gain the previous day that pushed it above $4,700. U.S. gold futures for June delivery advanced 0.4 percent to $4,710. The uptick came amid reports that Iran was reviewing a U.S. peace proposal aimed at formally ending the war, though key demands including suspension of Tehran's nuclear program and reopening of the Strait of Hormuz remained unresolved.

President Donald Trump announced on social media that "great progress has been made" in talks with Iran and directed a temporary pause in a U.S.-led operation to escort commercial ships through the strait-blocked waterway. U.S. Defense Secretary Pete Hegseth confirmed that a truce in place for nearly a month was holding, while Secretary of State Marco Rubio stated that offensive operations had concluded, with efforts now focused on protecting commercial shipping. Iran's Foreign Minister Abbas...