Forex
Gold Prices Stabilize as Bond Sell-Off and Hormuz Deadlock Offset Two-Day Rise
Gold prices steadied on Wednesday at around $4,330 an ounce after a two-day rise was snapped by a bond sell-off and deadlock in the Strait of Hormuz.
The bond rout sent yields higher and buoyed the US dollar, creating twin headwinds for gold, which does not pay interest.
Oil prices rose as the US and Iran remained in a stalemate over control of Hormuz, through which a fifth of the world's oil and liquefied natural gas transited before the war.
The yield on 30-year US Treasuries hit its highest level in almost two decades on Tuesday, while the US dollar was little changed after rising 0.1% the previous session.