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Commodities

$4,300 Gold Breaks through as Iran's Strait of Hormuz Deal Hopes Rise

Guavy AI Editorial Team
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Oil Gold
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The price of Gold has broken through $4,300 for the first time in seven weeks, as hopes for the reopening of the Strait of Hormuz gain momentum.

Iran announced on Wednesday that it is close to finalizing a framework for commercial shipping through the waterway, easing supply disruption concerns and weighing on Oil prices.

The weakening Oil prices have alleviated inflation worries, prompting markets to scale back their bets on a US Federal Reserve interest rate hike in September.

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