(RTTNews) – Gold prices rose to $4,800 an ounce on Tuesday as the US dollar faltered and US Treasury yields fell on renewed optimism for a negotiated end to the US-Iran war.
Spot gold jumped 0.7 percent to $4,775.57 an ounce, while US gold futures for June delivery were up 0.6 percent at $4,796.62.
The dollar weakened to a six-week low and government bond yields fell as a US blockade of Iran’s ports officially went into effect and reports suggested the US and Iran are arranging a second round of talks to end their conflict.
According to CNN, discussions are ongoing between Washington and Tehran and another round of talks is possible, with Turkey reportedly working to bridge differences between the two sides.
It was said that the US administration is fully optimistic that diplomatic breakthroughs can still be achieved and both sides may consider extending the ceasefire deadline to allow additional time for negotiations.
According to reports in The New York Times and Wall Street Journal, Tehran proposed suspending uranium enrichment for up to five years, which was rejected by Washington, which insisted on a 20-year moratorium.
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