Gold Edges Higher as U.S.–Iran Tensions Ease
Gold prices ticked up on Tuesday, rebounding from a more than one-month low after the United States reaffirmed that its ceasefire with Iran remains in place, despite lingering tensions around the Strait of Hormuz.
Spot gold rose around 0.7% to approximately $4,556 per ounce, while gold futures advanced by a similar margin. In the previous session, the yellow metal had dropped more than 2%, marking its lowest level since late March, pressured by a stronger dollar and higher yields.
Market sentiment had turned cautious after President Donald Trump announced “Project Freedom,” a U.S. initiative aimed at reopening stalled shipping traffic through the Strait of Hormuz. The strategic waterway, which handles about a fifth of global oil supply, has been effectively restricted since the conflict began, resulting in a historic disruption to energy flows.
Iran responded by firing missiles toward U.S. naval vessels approaching the strait and claimed to have struck one ship. However, U.S. Central Command denied any vessel had been hit and stated that two U.S. merchant ships had successfully transited the strait. Separately, the United Arab Emirates reported that an Iranian missile and drone attack caused a fire at a major oil trading and storage hub in Fujairah.
U.S. officials later clarified that Project Freedom is a defensive and temporary mission focused solely on ensuring safe commercial passage without entering Iranian waters or airspace. The reassurance helped calm markets and supported gold’s modest recovery, although future price direction will continue to depend on geopolitical developments and global interest rate expectations.
Source : Newsmaker.id
