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2026-07-13T00:00:00.000Z

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Gold Falls Over 1% as Oil Rises Amid Strait of Hormuz Closure Fears

Gold Falls Over 1% as Oil Rises Amid Strait of Hormuz Closure Fears

Gold prices dropped by more than 1% at the start of Asian trading, amid a sharp increase in oil prices due to fears of closing the Strait of Hormuz, and escalating tensions in the region following Iran's targeting of Gulf countries and its closure of the strait. The United States responded with strikes on Iran. Global markets were affected by these tensions, with oil prices soaring by about 4%, the dollar rising, and Asian stock markets declining.

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