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Commodities

Gold Holds Steady as Oil Prices Crash Amid Iran Diplomacy

Guavy AI Editorial Team
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Oil Gold
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The price of gold remained steady above $4,050 per troy ounce on August 4th despite some easing of safe haven demand. According to FXStreet and CNBC reporting, lower oil prices are cooling inflation expectations and reducing bets on further US interest rate rises, which is supporting the metal even as immediate war risk premiums unwind.

The price of West Texas Intermediate crude oil plummeted around 7.4% to near $78 a barrel after President Trump held off a planned strike on Iran to pursue talks on reopening the Strait of Hormuz, prompting traders to unwind supply disruption hedges.

The US Dollar Index weakened broadly, partly reflecting a coordinated US and Japan intervention to support the yen. This move has historically been supportive for dollar-denominated assets like gold.

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