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Hormuz Deal Hopes Spark Gold Rally Amid Lower Oil Prices

Guavy AI Editorial Team
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Gold prices surged on Tuesday as investors bet on a potential deal to reopen the Strait of Hormuz, easing inflation expectations and pushing US Treasury yields lower. The XAU/USD pair rose by 0.75% to $4,106, its highest level in two days.

The news of possible talks between Iran and Oman on the Strait of Hormuz sent oil prices plummeting, with West Texas Intermediate (WTI) losing nearly 5% to $76.09 per barrel. This decline in crude prices weighed on US Treasury yields, which fell by 10 basis points to 4.687%.

The JOLTS report for June showed a miss in job openings forecasts, but still indicated a balanced labor market ahead of the ADP Employment Change and Nonfarm Payrolls releases.

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