Gold pares gains to trade steady as oil rises on Iran proposal to bar 'hostile' vessels in Hormuz
Bullion held near record levels as traders weighed a possible Iran-Oman shipping deal, while oil gains kept inflation and rate expectations in focus.
- On Thursday, August 6, 2026, spot gold touched a seven-week high, driven by growing optimism over the Strait of Hormuz reopening, weaker oil prices, a softer dollar, and lower Treasury yields.
- Iran and Oman reached a preliminary agreement on geographic coordinates for a temporary shipping route through the Strait of Hormuz, according to regional officials, easing immediate supply concerns.
- Soft U.S. economic data, including July private payrolls, reduced the probability of a September Federal Reserve rate hike, bolstering bullion demand in lower interest-rate environments.
- Market focus now shifts to key U.S. inflation data: the Consumer Price Index on Wednesday and the Producer Price Index on Thursday, which analysts expect will determine the interest-rate outlook.
- Despite the recent rally, gold remains nearly 19% below levels seen before the February 28 conflict began, while hedge funds boosted bullish bullion bets to their highest in more than six months as of August 4.
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Major cryptocurrency prices are showing weakness as negotiations between the U.S. and Iran regarding the Strait of Hormuz have reached a stalemate. As of 8:18 AM on the 11th, Bitcoin is trading at $63,933 on the cryptocurrency market data site CoinMarketCap, down 1.63% from 24 hours ago. At the same time, Ethereum is trading at $1,873, down 2.17%. Binance Coin has fallen 0.92%.
Gold eases from seven-week high as investors await key US inflation data
Dubai: Gold prices edged lower on Monday as investors locked in profits after the precious metal reached a seven-week high in the previous session, while attention shifted to upcoming US inflation data for signals on the Federal Reserve's interest-rate outlook.Spot gold fell 0.3% to $4,330.46 per ounce by 0443 GMT, after reaching its highest level since 17 June on Friday following weaker-than-expected US employment data.US gold futures were down…
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