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Gold surges on Hormuz news: Here’s what comes next
The Strait of Hormuz just got a little less scary. Gold liked what it heard. Spot gold rose approximately 1.0% to $4,838.50 an ounce on April 17 after Iran's foreign ministry declared the Strait "completely open for the remaining period of ceasefire" for all commercial vessels, according to BullionVault. U.S. gold futures settled 1.5% higher at $4,879.60. At one point, bullion had gained as much as 2.1% before trimming some of those moves. The immediate catalyst was geopolitical relief. But the bigger story is what the Strait's reopening did to yields, the dollar, and rate expectations, all of which shifted in gold's ... (full story)