Gold set to record biggest one-day rise since February

Gold rose on Wednesday to its highest level in nearly seven weeks, poised to record its largest one-day gain since February, driven by lower U.S. Treasury yields and renewed hopes of progress in opening the Strait of Hormuz.

Spot gold jumped 4.4 percent to $4,256.85 per ounce by 15:04 GMT, after hitting its highest level since June 18 at $4,258.99, surpassing its 50-day moving average, now supported at $4,160.

Independent precious metals trader Tai Wong said, “Investors are returning to precious metals, adopting emerging trends, as the likelihood of interest rate hikes has receded since last week.”

In other metals, spot silver surged 4.9 percent to $62.44 per ounce, after reaching its highest level since July 6.

Platinum held steady at $1,735.28, after earlier touching its highest level since June 17. Palladium rose 1.6 percent to $1,374.75, after hitting its highest level since June 2.

The record highs for the two precious metals were fueled by hopes of a breakthrough in ceasefire talks regarding the Iran war.