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05.08.2026 09:24 AM
Gold jumped to a four-week high, rising momentarily by 2.5% to $4,179.53 per ounce after the prospect of a temporary agreement to resume operations in the Strait of Hormuz alleviated inflation concerns and the likelihood of a Federal Reserve rate hike. Silver also saw a sharp increase.The rally was triggered by statements from several parties involved in the negotiations. President Trump stated to reporters in Los Angeles on Tuesday that talks with Iran are “progressing very well,” and Axios reported
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