04.06.2026 07:40
Gold prices rose due to the weakening dollar and declining oil prices. Spot gold prices increased by 0.7 percent, while analysts stated that hopes for a ceasefire in the Middle East supported the markets.
Gold prices rallied as the dollar weakened and oil prices declined. Analysts expect short-term fluctuations but predict that gold could reach the $5,000 per ounce level by the end of the year.
GOLD PRICES RISE
In global markets, gold prices rose due to the dollar's depreciation and falling oil prices. Spot gold's ounce price increased by 0.7% to $4,461.09, while US gold futures for August traded at $4,487.90, up 0.5%.
DOLLAR DECLINE SUPPORTS GOLD
The weakening of the US dollar made gold more attractive for investors using other currencies. Analysts state that oil and dollar prices have played a decisive role in gold's recent trend.
Tim Waterer, Chief Market Analyst at KCM Trade, noted that gold's rise was supported by the retreat in oil and dollar prices, and said that positive news from the US-Iran front is important for a sustained rally.
CEASEFIRE HOPE AFFECTS MARKETS
The Trump administration's announcement that an agreement was reached for a ceasefire between Israel and Lebanon increased expectations that tensions in the Middle East would ease. This development also strengthened hopes for a broader diplomatic process between Iran and the US.
FED'S RATE MESSAGE
New York Fed President John Williams stated that they believe the impact of developments in the Middle East on inflation will not be permanent, and expressed that they see no need for changes in monetary policy under current conditions.
$5,000 FORECAST FOR YEAR-END
Matt Simpson, Senior Analyst at StoneX, said that the upward trend in gold is not over. Simpson noted that short-term corrections may occur, but gold could gradually rise toward the $5,000 per ounce level by the end of the year.
OTHER PRECIOUS METALS ALSO RISE
The rise in gold also reflected on other precious metals. Spot silver rose 0.6% to $73.13, platinum gained 0.7% to $1,872.11, and palladium increased 0.9% to $1,313.51.