Gold prices rise over 1% as tensions escalate in the Strait of Hormuz

Gold prices rose by more than 1%, as the recent decline in the metal rekindled investor interest, amid anticipation of developments in the Middle East tensions and the lack of stability in the Strait of Hormuz, along with uncertainty surrounding the Federal Reserve's policies on interest rate hikes. Spot gold increased by 1.3%, reaching $4,130.58 per ounce, while futures closed at $4,140.80 per ounce, with geopolitical tensions continuing to impact the market.

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