Doha: Gold prices climbed wednesday to a nearly seven-week high and were on track to post their biggest one-day gain since february:eek high and were on track to post their biggest one-day gain since February, by dint of lower US Treasury yields and renewed hopes of progress toward reopening the Strait of Hormuz. Spot gold jumped 4.4% to $4,256.85 an ounce after hitting its highest level since June 18 at $4,258.99, surpassing its 50-day moving average, which now provides support at $4,160. US gold futures for December delivery also rose 4% to $4,317.40.

According to Qatar News Agency, among other metals, spot silver surged 4.9% to $62.44 an ounce after reaching its highest level since July 6. Platinum was steady at $1,735.28 after earlier hitting its highest level since June 17, while palladium rose 1.6% to $1,374.75 after reaching its highest level since June 2.