Commodities
Gold Stands Firm at $4,300 Amid Geopolitical Tensions
The price of gold remains near its strongest level in weeks, hovering just below $4,300. The metal has rebounded by 4.91% over the past week, but is still about 23% lower than its record peak set in January.
The geopolitical tensions in the Strait of Hormuz are driving safe-haven demand for gold, despite a firmer US dollar and rising Fed rate expectations. Reports of possible Iran-Oman agreements to reopen the shipping lane have created uncertainty, keeping traders on edge.
Friday's US employment data is expected to be a key catalyst for gold prices. A weaker-than-expected report could push September hike odds lower and boost gold, while a robust surprise would strengthen the dollar and create headwinds for the metal.