Gold pulled back as traders reacted to the strong rally in the oil markets. Oil prices rallied as traders focused on attacks in the Strait of Hormuz. According to Iran’s demands, all vessels should go through approved routes. It looks that vessels that choose other ways are attacked by Iran. Rising oil prices reduced demand for risk assets, which was bearish for gold that continues to trade as a risk asset. Treasury yields gained ground as higher oil prices raise inflationary risks. The yield of 2-year Treasuries climbed above the 4.15% level, while the yield of 10-year Treasuries settled above 4.50%. Rising Treasury ... (full story)