Iran Deal Uncertainty Fuels Gold Surge as Oil Prices Stabilize
The US-Iran conflict continues to dominate market attention, but there are no new developments today. The focus is on an agreement between Iran and Oman over the Strait of Hormuz's reopening, which would take effect within 60 days. However, Iran claims that the deal will only be finalized once US threats are neutralized.
Oil prices have stabilized after a significant drop earlier in the week, with WTI crude rising by 0.3% to $76.00.
The market is also watching Wall Street's performance, particularly tech shares, following yesterday's record-breaking day. S&P 500 futures are up 0.4%, while Nasdaq futures have gained 0.2%. However, AMD shares are down 8% in pre-market after the company reported strong earnings and announced that SpaceX would no longer be using its chips.
Gold has surged above $4,100 due to reduced expectations for a US-Iran deal, which in turn decreases inflation and Fed tightening risks. The dollar is subdued today, with EUR/USD up 0.1% to 1.1545.