Expectations rise for reopening of the Strait of Hormuz, pushing gold prices to once touch the 4,300 mark, refreshing a seven-week high

智通财经2026/08/06 01:36

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On Thursday, spot gold rose for the fourth consecutive trading day. As of 09:25, it hit $4,302.45 per ounce during intraday trading, reaching a seven-week high since June 18. A softer US dollar and a pullback in US Treasury yields jointly supported gold prices, while market optimism about the imminent reopening of the Strait of Hormuz further eased inflation concerns, reduced expectations for US Federal Reserve rate hikes, and provided additional support for gold.
In terms of geopolitics, two regional officials and a senior Iranian source revealed that an agreement currently being negotiated between Iran and Oman may grant Tehran control over ships entering the Gulf through the Strait of Hormuz, which would be one of the largest concessions Iran has gained since the US-Iran war. Previously, Trump stated that the Strait could reopen on Wednesday or Thursday, but Iran emphasized that reaching an agreement with Oman does not equate to a complete lifting of the blockade.
Regarding interest rate expectations, as tensions in the Middle East show signs of easing, market expectations for a Fed rate hike in September have dropped to 55% from 67% two days earlier. Fed Governor Cook stated that she remains open to raising short-term interest rates to tackle inflation.
In terms of data, the ADP report showed that US private sector job growth in July slowed to 44,000 jobs, below June's revised figure of 95,000. The market is now awaiting Friday’s nonfarm payrolls report for further guidance on policy direction.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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Expectations rise for reopening of the Strait of Hormuz, pushing gold prices to once touch the 4,300 mark, refreshing a seven-week high

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