Ammal opens Strait of Hormuz boosts gold to 7-week high
Gold prices rose today, Thursday, to their highest level in seven weeks, influenced by a decline in the US dollar and falling US Treasury bond yields. This comes as optimism increases about reducing tensions in the Strait of Hormuz and the possibility of reopening it. Spot gold gained 1%, reaching $4,285.69 per ounce, with expectations shifting from a 67% to a 55% likelihood of the U.S. interest rates being raised further, driven by positive signals regarding a potential agreement between Iran and Jordan over the Strait of Hormuz—an agreement that could grant Tehran control over ships in the Gulf. Other precious metals also saw notable increases, as economic concerns and their impact on the gold market eased.
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