Gold Rebounds on Hopes of a Ceasefire in the Middle East
The start of this week saw gold recover from earlier losses as growing optimism over a possible ceasefire between Iran and Israel encouraged buying interest, helping the precious metal stabilize after touching a multi-month low. However, the upside remained constrained as stronger United States economic data boosted expectations that the Fed will raise interest rates later this year. Spot gold traded at $4,334.22 an ounce, after falling to its lowest level since March during the session. U.S. gold futures for August delivery also ended the day nearly unchanged at $4,363.40 an ounce. Market sentiment improved after President Donald Trump stated that Israel and Iran were seeking an immediate ceasefire, adding that negotiations aimed at securing peace were progressing. The comments helped ease concerns about…