Gold prices rise as dollar weakens, oil falls on Lebanon-Israel ceasefire

BAGHDAD, Iraq — Gold prices advanced Thursday as the dollar declined and oil prices fell following a ceasefire agreement between Lebanon and Israel. Spot gold rose 0.7 percent to $4,461.09 per ounce, while U.S. gold futures for August delivery gained 0.5 percent to $4,487.90. The dollar's weakness made gold more affordable for investors using other currencies. Oil prices slipped after the ceasefire deal, fueling optimism about reduced tensions in the Middle East. New York Federal Reserve Chair John Williams reiterated that no changes are needed in current monetary policy, adding that inflation pressures from the Middle East conflict may not be long-term. Other precious metals also rose, with silver up 0.6 percent, platinum gaining 0.7 percent and palladium adding 0.9 percent.