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Gold gains amid oil drop after Trump delays Iran action
Gold prices increased significantly after U.S. President Donald Trump postponed launching an attack on Iran, easing fears about inflation and interest rate hikes. The spot price of an ounce rose by 0.7% to $4,067.06, while U.S. futures contracts climbed by 0.9% to $4,065.60. This came after Trump’s statements confirming that Iran and other countries requested a delay to reach an agreement that would open the Strait of Hormuz and reduce Iran’s nuclear threat, which led to a drop of more than five dollars per barrel in oil prices. Gold remains a hedge against inflation, but it is negatively affected by rising interest rates, which the U.S. Federal Reserve continues to raise in order to combat inflation that has remained above the 2% target for over five years. Markets are expecting the release of important jobs reports this week, and the prices of other precious metals such as silver, platinum, and palladium continue to rise notably.
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