Gold Holds Above $4,300 as Traders Weigh Hormuz Talks, Inflation

Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials This advertisement has not loaded yet, but your article continues below.HomePMN BusinessGold Holds Above $4,300 as Traders Weigh Hormuz Talks, InflationGold 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.Author of the article: You can save this article by registering for free here. Or sign-in if you have an account.kph9m}1py1spel{r]xv)pjjz_media_dl_1.png Bloomberg(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.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe 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 ARTICLESSubscribe 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 ARTICLESCreate 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 accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountThe 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.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.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againWith 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.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.“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.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.—With assistance from Preeti Soni, Mark Burton and Robin Paxton.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.