Gold prices rose on Tuesday amid signs of diplomatic efforts to de-escalate the conflict between the United States and Iran, as investors assess the risks of a rise in oil prices following threats by Houthis in Yemen to close Yemeni ports and airports and impose a naval blockade on neighboring countries.

Spot gold rose 0.5% to $4,023.56 per ounce. U.S. gold futures for August delivery rose 0.3% to $4,028.

According to Reuters news agency, oil prices fell today as markets weighed reports of mediation efforts between the United States and Iran on one hand, and new exchanges of attacks between the two sides and threats by Houthis in Yemen on the other.

For other precious metals, spot silver rose 0.9% to $56.93 per ounce, and fell 0.2% to $1,591.22, while palladium rose 0.3% to $1,256.68.

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