Market focuses on progress in reopening the Strait of Hormuz as gold and silver prices rise together

As expectations for reaching a temporary agreement and reopening the Strait of Hormuz intensify, market concerns about inflation have eased, the likelihood of a Federal Reserve rate hike has decreased, and gold prices have risen for a third consecutive trading day. Spot gold rose over 3% to around $4,230 per ounce. In the previous two trading days, gold prices also recorded small gains; silver prices rose in tandem. As the market increasingly anticipates all parties will reach an agreement and reopen this vital waterway, U.S. President Trump stated that a deal concerning the Strait of Hormuz could be reached as early as Wednesday. Meanwhile, the U.S. dollar weakened and U.S. crude oil prices continued to fall.