International gold prices rose for a fourth consecutive day, reaching their highest level in seven weeks as prospects strengthened for the Strait of Hormuz to reopen. Reuters reported on August 6 that spot gold gained 1% to $4,285.69 per ounce, its highest level since June 18. US gold futures also climbed 0.9% to $4,345.50 per ounce.

The report linked the rise in gold prices to market expectations surrounding developments in the Strait of Hormuz. The gains marked a continued advance in the precious metal over four straight trading days.

Analysts said a proposed agreement between Iran and Oman could help ease the five-month conflict between Iran and the United States. The prospect of normal shipping resuming through the Strait of Hormuz has raised investor confidence, according to the report.