Producers of metals, grains and other raw materials rose on hopes for a breakthrough in U.S.-Iranian peace negotiations.
Gold futures, which had retreated significantly due to concerns about the inflationary fallout of the Hormuz closure, rose 0.6% to $4531.30 an ounce.
The minutes of the latest U.S. central bank meeting suggested that Federal Reserve officials all but retired the question of whether to cut interest rates and began more seriously at their meeting last month to weigh the opposite: whether to raise them. Most officials agreed continued inflationary pressures should be met with a rate hike.
"The Fed minutes reminded markets that inflation remains the main concern - and rate hikes are still on the table if price pressures stay elevated," said Gina Bolvin, president of Bolvin Wealth Management, in a note to clients.
Write to Rob Curran at rob.curran@dowjones.com
