Gold stabilizes amid situation in the Strait of Hormuz and US-Iran negotiations
Kyiv • UNN
The price of gold has stabilized at $1,430 per ounce. The US will begin escorting vessels in the Strait of Hormuz and start negotiations with Iran.
Global gold prices remained nearly unchanged amid U.S. statements regarding the escorting of vessels through the Strait of Hormuz and signals of possible negotiations with Iran. This was reported by Bloomberg, according to UNN.
Details
At the start of trading, the price of gold stood at approximately $4,630 per ounce following a second consecutive weekly decline. Investors are monitoring the situation surrounding maritime security and the prospects for conflict resolution.
U.S. President Donald Trump stated that starting Monday, the country will begin escorting neutral vessels through the Strait of Hormuz, and also reported "positive talks" with Iran.
Market Dynamics
The spot price of gold rose by 0.3% to $4,628.88 per ounce as of the morning in Singapore. Silver increased by 0.8% to $75.96 per ounce, while platinum and palladium also saw price gains.
The Bloomberg Dollar Index declined by 0.1%.
Since the start of the war in late February, gold has lost about 12% of its value. High energy prices amid the conflict are dampening expectations for interest rate cuts by central banks, which is impacting demand for precious metals.