Gold Snaps Nine-Day Losing Streak on Hopes of War Deescalation
An employee holds one kilogram gold bullions at the YLG Bullion International Co. headquarters in Bangkok, Thailand.
Photographer: Chalinee Thirasupa/BloombergGold advanced, snapping nine straight sessions of daily declines, following reports that the US is seeking a one-month ceasefire to hold talks with Iran.
Bullion rose as much as 1.7% late in Tuesday’s session after Israel’s Channel 12 cited sources on a US approach to possible talks with Iran. Stocks pared declines while the dollar and Treasury yields gave up some early gains. The ceasefire report “got things juiced,” said Nicky Shiels, head of metals strategy at MKS PAMP SA.