According to CoinMeta, gold rose for the fourth consecutive trading day on Thursday, reaching its highest level in seven weeks. Spot gold increased by 1% to $4,285.84 per ounce, driven by growing hopes of the reopening of the Strait of Hormuz, as well as weaker oil prices, a weaker U.S. dollar, and declining Treasury yields. Analyst Tony Sycamore noted that optimism about a diplomatic breakthrough in the Middle East is on the rise, which could put downward pressure on oil prices and reduce the necessity for central banks to raise interest rates, providing a clear positive for gold. If gold continues to break above the 200-day moving average, it could pave the way for a strong rebound towards $5,000. Meanwhile, among other precious metals, spot silver rose by 0.1% to $62.16, platinum by 1.7% to $1,764.10, and palladium by 1.1% to $1,377.83, marking the third consecutive trading day of gains.