On Wednesday, gold prices broke above $4,800 per ounce, up about 2% from the previous trading day, as market expectations for a U.S.-Iran peace agreement eased inflation concerns. According to reports, Washington and Tehran are arranging a second round of peace negotiations in the coming days following last weekend’s collapsed talks. The U.S. continues a maritime blockade on Iranian oil exports through the Strait of Hormuz, while Iran is considering temporarily halting oil shipments through the channel to push for a potential deal. Crude oil prices fell below $90 per barrel, and the U.S. dollar index hit a six-week low, further supporting gold prices.
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