Gold advanced as bond yields pushed lower on renewed hopes for a breakthrough in the standoff between the US and Iran over the Strait of Hormuz.
Bullion gained as much as 1% before paring some of the gains. Yields on US bonds dipped as much as three basis points Monday after Iran’s semi-official Tasnim reported that Washington proposed a temporary waiver on Iran oil sanctions until the final agreement, citing a source close to the negotiation team. Lower rates are generally positive for non-yielding gold.
