Spot gold prices are higher and spot silver prices are also sharply firmer after the close Monday, as a tentative U.S.-Iran agreement to reopen the Strait of Hormuz drove crude oil sharply lower, eased inflation fears and pulled Treasury yields down. At the time of writing, spot gold was trading near $4,330 an ounce, while spot silver was trading near $70.30 on the session. The macro setup shifted from inflation shock to relief rally. Brent crude fell 4.8% to $83.17 a barrel, back near early-March levels, after the U.S. and Iran reached a tentative deal to extend their ceasefire and reopen the Strait of Hormuz. ... (full story)