Gold is trading 3.2% up at $4284.40 as progress toward a deal to reopen the Strait of Hormuz and lower oil prices help ease global inflation concerns.
- A softer U.S. dollar is providing additional tailwinds, extending the metal's multi-session rally and making it more attractive to buyers.
- Easing inflation worries have reduced expectations for further Federal Reserve rate hikes, significantly boosting demand for the non-yielding asset.