On Thursday, spot gold jumped 1.2% to $4,750 per ounce amid hopes that the U.S. and Iran could be nearing a deal to bring the 69-day war to an end.

Precious metals prices have made gains this week, which analysts have attributed to growing hopes for a peace agreement between the United States and Iran.

On Thursday, spot gold jumped 1.2% to $4,750 per ounce amid hopes that the U.S. and Iran could be nearing a deal to bring the 69-day war to an end.