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Gold rally gains support as oil prices slip for a second week
Lower crude has helped underpin gold, even as Brent is still up over 4.5% for October delivery earlier Thursday on ongoing Strait of Hormuz diplomacy.
Oil prices fell for a second straight week, supporting a gold rally as investors weighed improving near-term supply prospects around the Strait of Hormuz, according to OilPrice.
U.S. President Donald Trump said talks between Washington and Tehran would resume, and the outlet linked the shift to efforts urged by regional allies including Saudi Arabia to suspend attacks. Iran and Oman have also reached a preliminary agreement on geographic coordinates for a temporary, partial shipping route through Hormuz, easing immediate supply fears.
Even with the broader decline, oil prices reportedly snapped their recent downtrend, with Brent crude for October delivery gaining more than 4.5% by early evening Thursday.
Oil prices remain near $20 per barrel below their July 23 peak above $100 per barrel following the collapse of a 60-day U.S.-Iran ceasefire, while ongoing catalysts include an International Energy Agency downward revision to 2026 demand by roughly 1.1 million barrels per day and an OPEC+ approval of a 188,000 barrels per day quota increase for September 2026.
Latest closeGold $4,292.00 ▲1.1%|WTI crude $78.07 ▲3.8%|Brent $83.46