Gold rises as markets weigh Iran deal

 Gold prices gained on Thursday, supported by lower crude oil prices and a weaker dollar, as investors assessed renewed expectations for a resolution to the U.S.-Israeli war with Iran.
Spot gold was up 0.8% at $4,468.84 per ounce, as of 0559 GMT. U.S. gold futures for August delivery gained 0.7% to $4,495.70.
Gold's gains are still very much at the ⁠mercy of oil and the dollar. It only moves higher when they pull back, making it highly dependent on positive U.S.-Iran headlines for any sustained momentum,' said Tim Waterer, chief market analyst at KCM Trade.
Oil prices eased ⁠on Thursday, as the ceasefire between Lebanon and Israel boosted hopes of a U.S.-Iran peace deal. Elevated oil prices can accelerate inflation and keep interest rates higher for longer. While gold is seen as a hedge against inflation, higher rates tend to weigh on the non-yielding metal.
New York Federal Reserve President John ⁠Williams noted that he does not expect upside risks to inflation caused by the war in the Middle East to be long-lasting and reiterated there was no need at this time to change U.S. monetary ⁠policy.
Spot silver rose 0.6% to $73.13 per ounce, platinum gained 0.9% to $1,875.70, and palladium added 0.3% to $1,306.