Gold prices rise amid US-Iran negotiations over the Strait of Hormuz
Kyiv • UNN
Gold rose to $4,564 due to progress in US-Iran negotiations. The market anticipates the reopening of the Strait of Hormuz and assesses inflationary risks.
Global gold prices rose following signs of progress in negotiations between the US and Iran regarding the potential reopening of the Strait of Hormuz. This was reported by Bloomberg, according to UNN.
Details
The price of gold rose to approximately $2,564 per ounce after a decline late last week. US officials stated that the parties are nearing an agreement, although negotiations over the final wording are still ongoing. US President Donald Trump also indicated that he would not rush into signing the agreements.
Markets react to inflation risks and the situation surrounding Iran
US Secretary of State Marco Rubio stated that "good news" regarding the situation in the Hormuz region could emerge in the coming hours. Against this backdrop, investors are reassessing inflation expectations and future decisions by the US Federal Reserve.
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Last week, gold prices fell following statements by Fed Governor Christopher Waller that an energy shock caused by the conflict with Iran could accelerate inflation and force the regulator to maintain a tight monetary policy. At the same time, silver rose by 3%, and prices for platinum and palladium also increased.
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