.jpg)
1 hour ago
3
![6fzp[[mi]4(4lzsort9pf]se_media_dl_1.png](https://smartcdn.gprod.postmedia.digital/financialpost/wp-content/uploads/2026/04/gold-is-weighed-down-by-elevated-inflation-risks-two-month.jpg?quality=90&strip=all&w=288&h=216&sig=BqelmsVfT1NbCDFk2k4EyA)
Article content
(Bloomberg) — Gold steadied after a two-day drop as investor focus remained on talks between the US and Iran, with the indefinite closure of the Strait of Hormuz continuing to heighten inflation risks.
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
SUBSCRIBE TO UNLOCK MORE ARTICLES
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
or
Article content
Bullion was near $4,590 an ounce, after falling 2.4% over the previous two sessions to the lowest in almost four weeks. President Donald Trump said Iran has asked the US to lift a naval blockade of Hormuz while the two sides negotiate an end to the two-month war, which has upended global energy supplies. Mediators in Pakistan expect Tehran will submit a revised proposal in the next few days, CNN reported.
Article content
Article content
Article content
Traders are also keeping tabs on interest-rate decisions in the US, the European Union, the UK and Canada in coming days. On Tuesday, the Bank of Japan left its benchmark rate unchanged at 0.75%, with a split vote suggesting increased odds of a hike in June.
Article content
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
Article content
The Federal Reserve is widely expected to hold rates at its meeting that ends of Wednesday, Bloomberg Economics said, with investors also paying attention to whether Jerome Powell will remain at the board after his term as chair ends.
Article content
Inflation risks are being fanned by the energy supply shock as it raises the likelihood that central banks will keep rates steady for longer or even hike them, which is a headwind for non-yielding bullion. Rising bond yields have also increased the opportunity cost of holding gold. The metal has lost about 13% since the conflict began at the end of February, while crude oil has soared.
Article content
Some technical selling emerged after “a break below recent support around $4,650,” Ole Hansen, head of commodity strategy at Saxo Bank A/S, said in a note. “The market’s immediate focus remains on mediation efforts, with a reopening of the strait and a subsequent drop in oil being the biggest short-term upside catalyst for the metals.”
Article content
Spot gold dipped 0.1% to $4,594.14 an ounce at 11:48 a.m. in Singapore. Silver rose 0.8% to $73.66 an ounce, while platinum and palladium edged lower. The Bloomberg Dollar Spot Index, a gauge of the US currency, was steady.
Article content
Advertisement 1
English (US)