Gold futures rose approximately 0.7% on Thursday. Spot prices reached roughly $4,465 per ounce. A U.S.-brokered ceasefire between Israel and Lebanon served as the primary market driver.
The agreement eased concerns regarding a wider Middle East conflict. This development also increased optimism for future negotiations between the U.S. and Iran.
Crude oil prices and the U.S. dollar softened following the news. A weaker dollar makes gold more attractive to overseas buyers.
Investors are now awaiting the upcoming U.S. jobs report. The data will provide signals regarding the Federal Reserve's potential interest rate path.