Commodities
Gold Dips Amid Iran Tensions and Higher Rate Bets
Gold prices dropped by more than 2% this week, settling around $4,270 an ounce as investors continued to bet on higher interest rates due to elevated energy costs. This move is largely attributed to the ongoing impasse between the US and Iran regarding the restoration of energy flows through the Strait of Hormuz.
The situation remains critical as negotiators explore a phased deal that would allow Tehran to reopen the waterway in exchange for Washington lifting its port blockade. The stalemate has contributed significantly to oil prices, which steadied after surging on Thursday.