Bloomberg reported that as of 8 a.m. Singapore time on June 15, the spot price of gold rose by 0.1% to $4,316.51 per ounce.
Gold prices increased by 2.2% the previous day after the U.S. and Iran announced a temporary agreement to end hostilities and lift maritime blockades in the region.
Trump stated that the Hormuz Strait could reopen as soon as this Friday. The strait is a crucial passage for the transport of Middle Eastern oil and commodities, and its reopening could alleviate concerns about energy supply disruptions.
International oil prices also continued to decline amid expectations of the Hormuz Strait's reopening. West Texas Intermediate (WTI) crude fell nearly 5% the previous day, trading around $81 per barrel, while Brent crude closed at approximately $83 per barrel.
However, U.S. allies expressed caution regarding how quickly energy and commodity transport through the Hormuz Strait could normalize, according to Bloomberg.
Gold prices have dropped about 18% since the U.S. and Israel conducted airstrikes on Iran in late February. The rise in energy prices during the conflict has raised inflation concerns, which could prolong high interest rates from major central banks.
Market participants are closely monitoring monetary policy decisions from major central banks this week. The U.S. Federal Reserve is set to hold its first meeting under new Chair Kevin Warsh, with expectations of potential interest rate hikes later this year.
* This article has been translated by AI.
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