Institution: Optimism in the market has somewhat faded, and gold prices are facing a slight pullback

Golden Ten Data reported on April 20 that on Monday, gold prices edged down slightly due to a stronger US dollar. Meanwhile, news about another closure of the Strait of Hormuz pushed up oil prices and sparked concerns about inflation. Ilya Spivak, Global Macro Director at Tastylive, stated: “Last week’s market optimism for a ceasefire agreement between the US and Iran now appears to have faded, which is why gold prices declined today. This has reignited the ‘war trading’ model that has been common since the start of the conflict. Crude oil prices are rising, which in turn is impacting inflation expectations and driving up both yields and the US dollar exchange rate.”