Gold Edges Higher As Oil Prices And Yields Ease

(RTTNews) - Gold prices rose toward $4,300 an ounce on Friday as a sell-off in government debt eased and oil prices retreated from recent highs following reports that Iran has submitted a proposal to the United States to end their war and reopen the Strait of Hormuz within seven days.

Spot gold rose half a percent to $4,296.21 an ounce while U.S. gold futures were up 0.8 percent at $4,330.34.

The proposal was delivered to U.S. officials when the sides met through mediators this week, the Washington Post quoted Iranian Foreign Minister Abbas Araghchi as saying on the sidelines of the UN General Assembly session in New York.

The latest plan calls for a cessation of all hostilities in the Middle East for seven days, including in Lebanon, according to the New York Times.

Meanwhile, U.S. President Donald Trump and Chinese President Xi Jinping have concluded their bilateral talks in Washington.

Despite differences over Iran, Taiwan and trade, Trump described the meeting as "great" and hailed the "truly great friendship" he has forged with his counterpart.

China's Ministry of Foreign Affairs described Xi's visit to the U.S. as a "great visit."

The U.S. dollar consolidated weekly gains ahead of durable goods orders data for August and the University of Michigan's consumer sentiment index to be published later in the day.