Gold stays above $4,000 amid Hormuz tensions
Gold prices decreased today by 0.5%, reaching $4,085 per ounce, amid escalating tensions between the US and Iran and expectations of interest rate hikes by the Federal Reserve. Traders anticipate three increases this year, with a 77% probability of an additional rise in December. However, the World Gold Council confirmed that the decline is temporary and that underlying factors continue to support the market. Since the outbreak of the conflict in February, gold has lost about 23% of its value. Currently, the market is experiencing a divergence between central banks continuing to purchase the metal and rising inflation in the United States.
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