Gold hits 7-week high on Hormuz Strait boost

Gold prices rose to their highest level in seven weeks, supported by a declining dollar and falling US Treasury bond yields, amid growing hopes of reopening the Strait of Hormuz and reducing tensions between Iran and the United States. There are reports of a proposed agreement between Iran and Oman to halt the ongoing five-month conflict, which could give Iran control over ships passing through the Strait of Hormuz. This has increased optimism and contributed to a decline in expectations for US interest rate hikes. Gold futures increased by 0.9%, and the US jobs report due tomorrow is expected to influence market movements.

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