Gold Hits $4,300 as Strait of Hormuz Tensions Drive Biggest Weekly Gain Since January
TLDR
- Gold rose 0.6% to $4,264 an ounce on Friday, heading for its biggest weekly gain since January
- Escalating tensions in the Strait of Hormuz are driving safe-haven demand for gold
- Markets are pricing in roughly a 55-60% chance of a Fed rate hike in September
- Chinese gold ETFs have seen 14 straight sessions of inflows, supporting prices
- Friday’s U.S. jobs report is expected to set the next direction for gold prices
Gold prices climbed further on Friday, building on overnight gains as tensions in the Strait of Hormuz kept investors buying safe-haven assets. Gold spot prices rose 0.6% to $4,264.22 an ounce, while gold futures gained 0.6% to $4,323.07.
Silver also moved higher, rising 1.2% to $62.26 an ounce. Platinum gained 0.6% to $1,740.05.
The weekly gain is on track to be gold’s largest since January, with New York gold futures up around 1% in early trading to $4,343.50 a troy ounce.
Iranian media reported that Tehran struck what it called “hostile targets” in the Strait of Hormuz and planned to block U.S. and Israeli vessels from using the waterway. This came after earlier reports suggested Iran and Oman were close to a deal to reopen shipping lanes.
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