Gold dips amid Strait of Hormuz risks
Gold prices declined during Thursday's trading session after their recent rise, as the possibility of Iran imposing restrictions on hostile ships passing through the Strait of Hormuz raised concerns about rising inflation and prices. This boosted expectations of continued increases in US interest rates. The price of gold fell by 0.3% to approximately $4,233.64 per ounce, after reaching its highest level since June 18, and gold futures also declined. At the same time, oil prices rose amid the possibility of Iranian restrictions on navigation through the strait, which could increase energy costs and lead to higher inflation. Investors are also anticipating that US employment data will influence Federal Reserve decisions on interest rate hikes.
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