Why Gold Hardly Moved Despite No Tankers Transiting Hormuz on Sunday
Over the weekend, the 60-day truce between the United States and Iran came to an end, and no replacement for this Memorandum of Understanding has been put in place. Not a single oil tanker transited through the Strait of Hormuz on Sunday, and crude prices immediately rose to $89 a barrel. However, the price of gold hardly moved, with the precious metal trading around $4,400. Tensions in the Strait of Hormuz and rising oil prices have in the past caused the price of gold to decline because prospects of interest rate hikes increased due to concerns about energy-driven inflation. This…