Gold rose for a fourth straight session on Thursday and touched its highest level in seven weeks, helped by a softer dollar and lower Treasury yields on growing hopes over the Strait of Hormuz reopening.FUNDAMENTALSSpot gold was up 1% at $4,285.69 per ounce, as of 0035 GMT, hitting its highest level since June 18. On ‌Wednesday, bullion posted ⁠its ⁠biggest daily gain since February.U.S. gold futures rose 0.9% to $4,345.50.The yield on benchmark ​U.S. 10-year notes fell and the U.S. dollar index was also under pressure. A weaker ​U.S. currency makes dollar-priced commodities cheaper for other currency holders. [US/] [USD/]A proposed deal between Iran and Oman to help end five months of war between ​Iran and the United States would give Tehran ⁠control over ships ‌entering the Gulf through the Strait of Hormuz, a ​senior Iranian ​source and two regional officials told Reuters, one of the ⁠biggest concessions yet to Iran.Growing Iran optimism has ​seen market expectations for a September U.S. rate hike ​ease to 55% from 67% two days earlier.Gold tends to perform better in a low interest-rate environment as it yields no interest.Federal Reserve Governor Lisa Cook said she is open to the idea that the central bank may need to raise its short-term interest rate target to deal ‌with "too high" levels of inflation in the U.S. economy.Investors are also awaiting the July U.S. nonfarm payrolls report scheduled ​for release on ​Friday.The ADP national ⁠employment report showed on Wednesday that U.S. private payrolls growth slowed in July. Private employment increased by 44,000 jobs last month after a downwardly revised 95,000 ​gain in June.Among other metals, spot silver gained 0.4% to $62.34 per ounce, platinum firmed 0.8% to $1,750.15, while palladium climbed 1% to $1,377.00. DATA/EVENTS (GMT) 0600 Germany Industrial Orders MM Jun0600 Germany Manufacturing O/P Cur Price SA Jun0600 Germany Consumer Goods SA Jun0830 UK S&P Global PMI: MSC Composite Output Jul1230 US Initial Jobless Clm 1 Aug, w/e