\n 2026-07-13T07:05:25+00:00<\/p>\n
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Shafaq News<\/p>\n
Gold prices slid \u200cmore than 1% on
\nMonday as fears of a closure of the Strait of Hormuz drove oil prices sharply
\nhigher, reviving expectations of elevated interest rates to combat inflationary
\npressures from escalating hostilities in the Middle \u200bEast.<\/p>\n
Spot gold dropped 1.5% to $4,060.36
\nper ounce by 0541 GMT. U.S. gold futures for August \u200bdelivery were down 1.1% at
\n$4,068.30.<\/p>\n
U.S. and Iranian forces have
\nexchanged heavy missile \u2060and drone assaults, with Tehran targeting U.S.
\nfacilities in states across the Gulf on Sunday and saying \u200bit had again closed
\nthe vital Strait of Hormuz.<\/p>\n
Oil prices jumped about 4%, the
\ndollar and \u200bU.S. Treasury yields climbed, and share markets slipped in Asia.<\/p>\n
“Any breakout of violence in
\nthe Gulf is accompanied by pressure on gold,” said Nicholas Frappell,
\nglobal head of institutional markets at ABC Refinery.<\/p>\n
“The question is, if the
\n\u200bStrait of Hormuz remains effectively or partially closed, does that lead to a
\ndeflationary effect, \u200bfurther down the road, that might actually be supportive
\nfor gold if you have demand destruction leading to lower \u200ceconomic
\n\u2060activity,” Frappell added.<\/p>\n
Kevin Warsh’s first semiannual
\ntestimony before Congress as Federal Reserve chair, along with a slate of key
\nU.S. economic data, including June CPI, PPI and retail sales, will be closely
\nwatched this week for fresh clues on the economy, inflation and the monetary
\npolicy outlook.<\/p>\n
Remarks from Fed \u200bpolicymakers,
\nincluding Vice Chair \u200bMichelle Bowman and Governor \u2060Christopher Waller, later
\nin the day are also in focus as they could provide insights on how inflationary
\npressures are affecting the central bank’s \u200bstance on interest rate hikes.<\/p>\n
Traders are currently pricing in a
\n72% chance \u200bof a \u2060U.S. Fed interest rate hike in September, up from about 63%
\nlast week, according to the CME FedWatch Tool. FEDWATCH\/<\/p>\n
COMEX gold speculators trimmed their
\nnet long positions by 1,964 contracts to 114,854 in the \u2060week to \u200bJuly 7, data
\nreleased on Friday showed, following three \u200bconsecutive weeks of increases.<\/p>\n
Elsewhere, spot silver declined 2.6%
\nto $58.29 per ounce, platinum shed 1.6% to $1,601.92, and palladium fell 2% to
\n$1,251.42.<\/p>\n
(REUTERS)<\/p>\n
Only the headline is edited by
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