Ammon News - 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 0.7% at $4,464.69 per ounce, as of 0408 GMT. U.S. gold ​futures for August delivery gained 0.6% to $4,491.70.

The dollar eased, making greenback-priced bullion more ​affordable for holders of other currencies

"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.

Israel and Lebanon agreed to implement a ceasefire to end hostilities, the Trump administration said on Wednesday, boosting hopes for a broader deal to end the Iran conflict.

The Republican-led ​U.S. House of Representatives approved a resolution to block U.S. President Donald Trump from continuing ​the war against Iran, reflecting growing concern among members of his party about the three-month-old conflict.

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.

"I ⁠don't think we've seen the end of the bull run, but it is clearly time for a shakeout in general. So I anticipate choppy trade as we head into the ⁠year end, ​with a slight upwards bias of around $5,000," said Matt ​Simpson, a senior analyst at StoneX.

Spot silver rose 1% to $73.44 per ounce, platinum gained 1% to $1,878.50, and palladium ​added 0.6% to $1,309.68.

Reuters