Gold Jumps 2% as US-Iran Talks Chatter Jolts Precious Metals

Gold climbed 2.04% at 3:15 pm ET, trading at $4,147.86 an ounce. Five minutes later silver shot up 2.89% to $53.44 an ounce, then platinum advanced 2.23% to $1,574.27 and palladium added 0.90% to $1,019.60.

The spark came from media reports reviving hopes of a US-Iran agreement. Al-Arabiya reported that serious negotiations between Washington and Tehran were rekindled after a Qatari-Pakistani proposal.

The rally builds on a run that began when Democrats swept both chambers of Congress. On November 4, silver soared 5% to $51.25 an ounce while gold jumped 3.16% to $4,045.42, platinum rose 2.73% to $1,463.42 and palladium surged 5.22% to $974. A weaker dollar and lower Treasury yields gave bullion extra support.

Not every session went up. Last Tuesday silver dropped more than 3.5%, falling back below the $50 mark as investors waited on the midterm results, with reports saying the US military had struck Iran's Qeshm Island. President Donald Trump said Washington might have to target Pickaxe Mountain, a site closely tied to Tehran's nuclear program.