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Gold slips as investors await Strait of Hormuz deal developments
December gold futures opened down 0.5% after President Trump said a deal to reopen the Strait of Hormuz could happen as early as Wednesday.
Gold prices were mixed on Wednesday, August 5, with December gold futures opening at $4,133.80, down 0.5% from Tuesday’s close, while spot gold rose to $4,245.80 by 7:54 a.m. ET, according to Yahoo Finance.
The report said gold has been holding above $4,100 this week, with gains picking up after President Trump indicated that reopening the Strait of Hormuz could be possible as early as Wednesday.
Yahoo Finance also pointed to additional positive signals, including Iran discussing a Hormuz deal directly with Oman and allowing certain European countries to help clear mines in the strait, though it remains unclear how directly the U.S. and Iran are negotiating.
Investors are also set to watch the July employment report due Friday, which the outlet said could influence expectations for future Fed decisions on whether to raise interest rates after the Fed’s September meeting.
Latest closeGold $4,133.60 ▲2.5%