GOLD JUMPS TO 1-MONTH HIGH AS MARKETS EYE NEW HORMUZ ORDER

Wed 05 August 2026:

Spot gold prices surged more than 2.5% on Wednesday to reach an intraday high of $4,179.5, their highest level in a month, after reports emerged of a potential deal between the U.S., Iran and Oman to reopen the Strait of Hormuz.

The rally also marked gold’s strongest daily performance since June 11, when prices climbed more than 3.4% to surpass $4,200 per ounce.

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Oil slips while equities move higher

The gains were largely driven by easing concerns over inflationary pressures stemming from elevated oil prices, as any agreement to secure shipping through the strategic waterway is seen as key to stabilizing energy flows from Gulf producers, which normally account for around one-fifth of global oil supply.

International benchmark Brent crude extended its decline, falling 0.5% to $79 per barrel, while U.S. benchmark WTI dropped 0.9% to $75 per barrel.

Across Asian markets, South Korea’s Kospi closed up 3.8%, while Japan’s Nikkei 225 gained 3.7%, with chipmakers and technology companies leading the advances. China’s Shanghai Composite rose 1.5%, and Hong Kong’s Hang Seng edged up 0.3%.

In Europe, the Euro Stoxx 50 gained 0.5%, Germany’s DAX advanced 0.8%, France’s CAC 40 rose 0.20%, and the UK’s FTSE 100 added 0.4%.

Futures tied to all major U.S. indices traded higher, with Nasdaq futures leading the gains, up 0.3% after the index climbed 2.6% in Tuesday’s session.

Among other precious metals, silver climbed nearly 4% to $61.9 per ounce, while platinum gained more than 2% to $1,780 and palladium rose more than 3% to $1,380 per ounce.

Bitcoin rose 1% to around $64,100, while Ethereum hovered around $1,860, up 0.7%.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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