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Gold prices rose Thursday after falling to their lowest levels in two months earlier in the session, as the dollar and oil prices dropped following a report that United States and Iran are working to extend a ceasefire.
Spot gold rose 1.1% to $4504.07 per ounce after touching its lowest level since late March.
US gold futures closed up 1.1% at $4532.40 per ounce.
A source familiar with the matter said United States and Iran have reached a memorandum of understanding to extend the ceasefire for 60 days, which requires approval from US President Donald Trump.
The dollar index fell 0.2%, making the greenback-priced gold less expensive for holders of other currencies. Oil prices dropped after the report was released.
Data showed that US Personal Consumption Expenditures (PCE) price index rose 3.8% during the twelve months ending in April, in line with expectations. The PCE price index rose 0.4% on a monthly basis in April after rising 0.7% in March.
Minutes of Federal Reserve meeting held on April 28 and 29, the details of which were published last week, showed that a growing number of officials are open to the possibility of having to raise interest rates.
Gold has remained under pressure since outbreak of US-Israeli war on Iran in late February, amid inflation fears. Despite its appeal as a safe haven, gold's performance declines when interest rates rise, as investors turn to yield-bearing assets.
Data showed that China's net gold imports via Hong Kong jumped 81.2% in April compared to the previous month.
As for other precious metals, spot silver rose 1.3% to $75.60 per ounce, while platinum stabilized at $1918.95. Palladium fell 1.4% to $1371.52.
Reuters