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(Bloomberg) — Gold declined as the US extension of a ceasefire with Iran left global markets grappling with a blockade of the Strait of Hormuz, impacting energy security and keeping inflation risks high.
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Bullion fell as much as 1% on Thursday, trading around $4,700 an ounce. US President Donald Trump said the truce agreed April 7 would stay in place indefinitely while Washington waits for Iran to submit a new peace proposal, though Tehran says it has no plans to take part in negotiations imminently.
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Trump’s ceasefire extension represents a retreat from threats to resume bombing of Iran in the event a deal couldn’t be reached by a Wednesday deadline. But the two sides remain locked in a battle to control Hormuz, a vital waterway for energy, to gain leverage in possible truce talks.
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The US maintained a naval blockade on ships moving to and from the Islamic Republic, while Iranian gunboats fired on commercial vessels.
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Oil rose for a fourth day. Now in its eighth week, the conflict has triggered an unprecedented energy-supply shock that has heightened inflation risks, making central banks more likely to keep rates steady for longer, or even hike them. This has put pressure on non-yielding bullion, which has retreated about 11% since the war began.
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The precious metals market is “going to remain cautious and volatile,” Rhona O’Connell, head of market analysis for EMEA and Asia at trader StoneX Group Inc., said in a note. “Professional trading houses remain reluctant to commit large positions in the face of such febrile geopolitical conditions.”
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Spot gold fell 0.8% to $4,702.96 an ounce at 9:45 a.m. London time. Silver slid 2.7% to $75.62 an ounce. Platinum and palladium also declined.
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—With assistance from Jack Ryan.
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English (US)