As expectations about reaching an interim agreement and reopening the Strait of Hormuz heats up, market concerns about the prospects for inflation have abated, the possibility that the Federal Reserve will raise interest rates has declined, and the price of gold has risen for the third consecutive trading day. Spot gold rose more than 3% to around $4,230 an ounce. In the previous two trading days, the price of gold recorded a slight increase; the price of silver also rose at the same time. As the market increasingly expects the parties to reach an agreement to restart this key channel, US President Trump said that an agreement on the Strait of Hormuz may be reached as early as Wednesday. Meanwhile, the US dollar weakened, and the price of U.S. crude oil fell further.

As expectations about reaching an interim agreement and reopening the Strait of Hormuz heats up, market concerns about the prospects for inflation have abated, the possibility that the Federal Reserve will raise interest rates has declined, and the price of gold has risen for the third consecutive trading day. Spot gold rose more than 3% to around $4,230 an ounce. In the previous two trading days, the price of gold recorded a slight increase; the price of silver also rose at the same time. As the market increasingly expects the parties to reach an agreement to restart this key channel, US President Trump said that an agreement on the Strait of Hormuz may be reached as early as Wednesday. Meanwhile, the US dollar weakened, and the price of U.S. crude oil fell further.