Gold and silver prices hit weeks' highs on Iran peace hopes and falling oil prices

Gold and silver prices surged to their highest levels in weeks, driven by hopes of a peace deal between the U.S. and Iran, falling oil prices, and a softening U.S. dollar. Silver rose nearly 6% to around $81.50, nearing its highest point since mid-April, while gold increased over 1% to about $4,741.70, its highest since late April. Analysts caution that these gains are fragile as negotiations remain uncertain, but renewed diplomatic optimism and lower inflation concerns have supported metals prices. The U.S. and Iran are reportedly close to an agreement to end the ongoing war, with Iranian officials expected to respond to a U.S. proposal soon.