Strait of Hormuz agreement postponement raises geopolitical risks, lifting gold prices above $4,100 as inflation concerns ease.
Iran has postponed a planned agreement with Oman to reopen the Strait of Hormuz, citing ongoing US threats, according to state media. The delay adds uncertainty to regional trade routes, a key chokepoint for global oil shipments.
Gold prices extended gains for a third session, climbing above $4,130 as investors sought safe-haven assets. The metal held above $4,100, supported by easing inflation fears linked to hopes of a potential Hormuz deal resolution.
Markets had anticipated an interim agreement among the US, Iran, and Oman to stabilize the strait. The postponement follows mixed signals from US officials, with President Trump stating progress was being made on the Iran situation.