Gold Rises as Promising Diplomatic Efforts in the Middle East Start
Gold prices ticked up as the week started as diplomatic efforts to deescalate tensions in the Middle East between Tehran and Washington got underway. Prices of crude oil also declined. Investors continue assessing how the recent rise in oil prices will affect markets. Spot gold rallied 0.5% to sell at $4,023 per ounce while gold futures slated for August delivery recovered by 0.3% to go for $4,028 an ounce. As markets absorbed news that mediation efforts were ongoing between the United States and Iran, oil prices retreated. Traders are calculating how these efforts at diplomacy weigh against new threats from…