(RTTNews) – Gold prices jumped more than 1 percent on Tuesday amid hopes the U.S. and Iran will resume peace negotiations.
Spot gold traded 1.4 percent higher at $4,063 an ounce after reclaiming the psychologically important $4,000-an-ounce level on Monday. U.S. gold futures were up 1.3 percent at $4,065.97.
The dollar softened while Brent crude futures steadied around $89 a barrel, halting a recent rally as reports of mediation efforts between the United States and Iran helped ease worries over supply disruptions in the Middle East.
Media reports suggest that diplomatic efforts are underway to end hostilities between the United States and Iran.
Axios reported that U.S. President Donald Trump is nearing a decision between a 10-day ceasefire to reopen the Strait of Hormuz and a full-scale coordinated U.S.-Israeli campaign against Iran.
Trade tensions also returned to the spotlight after Trump announced new 50 percent tariffs on a wide range of Canadian imports, citing what the administration calls discriminatory treatment of American products.
The latest tariffs mark another significant step in the Trump administration’s use of trade measures to pursue its America First economic agenda.
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