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(Bloomberg) — Gold steadied above $4,300 an ounce, as traders assessed the latest development around the Strait of Hormuz while awaiting the release of a key US inflation report later this week.
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The lack of a deal to revive Hormuz traffic sent Brent crude above $85 a barrel. Higher energy costs fuel concerns that the Federal Reserve may have to raise interest rates this year, despite the recent slowdown in the labor market. Higher rates are typically negative for gold as it pays no interest.
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US President Donald Trump signaled he’s prepared to let economic pressure on Iran build rather than launch fresh military strikes to force a reopening of the Strait of Hormuz, even as the Islamic Republic reiterated that the conditions still aren’t in place to allow free passage through the key waterway.
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With energy prices climbing again, gold may need clearer signs of both persistent inflation and slowing economic growth — a combination known as stagflation — before it can move meaningfully higher, according to Ryan McKay, senior commodity strategist at TD Securities. Asian buying appetite and continued inflows of exchange-traded funds offer support to gold prices, he said. Trend-followers have begun unwinding their bullish bullion bets, with prices needing to top $4,400 an ounce to add back the positioning, he added.
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Gold has advanced above the key $4,000-an-ounce support threshold in recent weeks, with dip-buyers emerging in growing force since a war-driven slump that led the metal into a bear market in June.
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“Market focus now shifts to US inflation and producer price index releases this week, which could prove crucial in determining the next move in interest-rate expectations and gold prices,” Manav Modi, commodity analyst at Mumbai-based Motilal Oswal Financial Services Ltd.
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Spot gold rose 0.2% to $4,351.57 an ounce as of 11:21 a.m. in New York. Silver climbed 1.7% to $64.67 an ounce. Platinum and palladium fell. The Bloomberg Dollar Spot Index was 0.1% higher.
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—With assistance from Preeti Soni, Mark Burton and Robin Paxton.
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