Gold prices jump sharply on global market, silver and platinum prices also rising

News agency Reuters reported that in the spot market on Wednesday (August 5), the price of gold rose 1.3 percent to $4,127.40 per ounce. During the same period, US gold futures rose 0.8 percent to $4,184.40 per ounce.

According to market analysts, the fall in the dollar's value has made buying gold relatively more affordable for holders of other currencies. On the other hand, expectations that easing oil prices could somewhat reduce inflationary pressure have also eased market concerns about interest rates, which is positively affecting the gold market.

Meanwhile, although diplomatic efforts are underway to reduce tensions between the United States and Iran, the situation has not fully returned to normal. Despite reports of progress under Qatari mediation, Tehran has rejected US President Donald Trump's demand for talks.

Kelvin Wong, senior market analyst at OANDA, said there is still a close relationship between the oil market and gold prices. If clear progress is made in reducing Middle East tensions, it could have a further positive impact on the gold market.

According to market sources, the probability that the US Federal Reserve could raise interest rates at its upcoming September 15-16 meeting has fallen to 59 percent, down from 67 percent the previous day. Although gold is generally considered a safe investment against inflation, high interest rates reduce its investment appeal.

Federal Reserve Bank of Philadelphia President Anna Paulson said that all possibilities are being considered in future monetary policy, and interest rates could be raised further if necessary.

Investors are now focused on the US ADP employment report and Friday's July employment data. Analysts at TD Securities believe gold prices may fluctuate within the current range for now.

Meanwhile, upward trends were also seen in other precious metals markets. In the spot market, silver rose 1.9 percent to $60.64 per ounce, platinum rose 1.4 percent to $1,758.35 per ounce, and palladium rose 0.9 percent to $1,365.62 per ounce.