Gold Soars as Crude Prices Plummet Amid Hormuz Reopening Hopes

Gold prices rose by 0.75% on Tuesday, reaching a two-day peak of $4,106 per ounce as Oil prices fell and US Treasury yields decreased.

The improvement in risk appetite was also a contributing factor to the increase in gold prices, which have been driven down by higher interest rates and inflation expectations.

However, despite the recent increase, gold prices remain under pressure from higher interest rates, with the Federal Reserve priced at a nearly 59% chance of raising rates at its September 16 meeting, according to Prime Terminal.