WASHINGTON (dpa-AFX) - Gold prices have soared on Wednesday, continuing yesterday's surge as mediators are racing to bring the U.S. and Iran to the negotiating table while the intense U.S. military offensives against Iran renewed safe-haven demand for gold.
Front Month Comex Gold for August month delivery has surged by $73.00 (or 1.79%) to $4,149.40 per troy ounce.
Front Month Comex Silver for August month delivery has also soared by $1.099 (or 1.87%) to $60.010 per troy ounce.
In the ongoing U.S.-Iran conflict, on Monday, Axios reported that Qatar, Egypt, Pakistan, and other regional mediators offered the U.S. and Iran a proposal for a 10-day ceasefire.
Yesterday, Iran's Interior Minister Eskandar Momeni arrived in Pakistan and held behind-the-door consultations with Pakistan's Army Chief, Field Marshal Asim Munir. Later, Momeni also had discussions with Pakistan's Prime Minister Shehbaz Sharif.
Neither the U.S. nor Iran commented on the ongoing peace push. However, economists are optimistic of a possible settlement through negotiations soon as both nations are economically paying a high price due to the war.
U.S. President Donald Trump continued to show a hard stance. Yesterday, he claimed that Iran wanted desperately to meet with the U.S. but stated that the U.S. will show no interest unless Iran commits towards a meaningful approach.
Warning that any further Iranian strike on a ship transiting across the Strait of Hormuz would compel U.S. forces to destroy a bridge or a power plant in Iran, Trump also threatened that the U.S. military will bomb Iran's Pickaxe Mountain.
Iran counter-warned that any such attempt would be treated as an expansion of the war in the region. Iran vowed to strike back at U.S. allies and military bases across the Middle East.
Today, U.S. Secretary of State Marco Rubio stated that conceding to Iran's demand to exert control over the Strait of Hormuz would set a dangerous precedent.
However, Rubio reiterated that the U.S. is open-minded, committed to diplomacy, and willing to pursue a negotiated resolution with Iran.
Rubio remarked that though the U.S. wants to engage in a negotiated settlements of differences, Iran was not serious about talks. He asserted that if Iran continues to be non-serious, then the U.S. will work to protect the interests of the U.S. and its allies.
Meanwhile, U.S. Central Command announced completing its 11th consecutive night of strikes against Iranian assets. The targets included military operation centers, aircraft hangars, drone storage facilities, maritime capabilities, and logistics infrastructure.
Analysts are of the view that the peace talks are yet to gain the required momentum.
The usual safe-haven demand for gold in times of geopolitical threats has overshadowed concerns of elevated interest rates in the U.S., due to which gold prices moved to the upside.
The U.S. dollar index was last seen trading at 101.12, down by 0.05 (or 0.05%) today.
Currently, investors are betting on a 31.50% chance of a quarter-basis-point interest rate-hike in the upcoming meeting of the U.S. Federal Reserve on July 28-29, while the odds on rates being held at the current level stand at 68.50%, according to the CME Group's FedWatch Tool.
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