The anticipated reopening of the Strait of Hormuz have eased concerns over global energy supplies, triggering a sharp fall in oil prices today. Risk assets have welcomed the development, with equity markets extending gains as investors unwind some of the defensive positioning built up during the conflict. Under normal circumstances, improved risk appetite would be expected to undermine haven assets like gold. However, the precious metal has found support from a softer US dollar as markets reassess the inflation outlook following the collapse in energy prices. The key question now is whether lower oil prices translate ... (full story)