Forex
Hormuz Hopes Weigh on Dollar, Boost Gold Near $4,087
Gold prices rebounded on Tuesday to near $4,087 after touching an intraday low of $4,042. This comes as reports suggested a possible reopening of the Strait of Hormuz, with no official confirmation yet.
The shift in risk tone led to a weaker US Dollar and lower crude oil prices, with WTI dipping towards $75.50. Softer energy prices contributed to lower US Treasury yields, supporting non-yielding gold.
US job openings fell to 7.359 million in June, below the consensus of 7.4 million. The market now awaits ADP on Wednesday and NFP on Friday for further insight into labor data.