Gold Stabilizes Near $4,700 Per Ounce as Middle East Ceasefire Remains Fragile

According to Iranian media reports and officials, gold prices stabilized near $4,700 per ounce on Thursday amid heightened uncertainty surrounding a fragile Middle East ceasefire agreement. Iranian officials reported that tanker traffic through the Strait of Hormuz has been suspended following Israeli airstrikes on Lebanon, and claimed three clauses of the ceasefire accord have been violated. U.S. Vice President Vance led a delegation to Islamabad for direct talks with Iran, signaling potential reopening of the strait. Rising oil prices, U.S. dollar strength, and higher bond yields continued to exert downward pressure on gold.
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