Forex
Gold Waits for Clues from US Inflation Data Amid Hormuz Deal Hopes
Gold prices have steadied as traders weigh in on the latest developments regarding the Strait of Hormuz and await US inflation data that may provide clues to the Federal Reserve's interest-rate path.
The precious metal was trading near $4,370 an ounce in early hours, after retreating from a two-month high on Tuesday. This represents a 0.5% drop for the session.
Pakistan's defense minister announced that the US and Iran are 'close to some sort of arrangement' to reopen the waterway, which is crucial for global energy flows. Despite this apparent breakthrough, both sides had appeared to harden their stances earlier in the week.