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2026.04.1713:40:39UTC+00Gold Prices Edge Up After Iran's Announcement

Gold prices extended their gains on Friday, rising more than 1% to climb above $4,850 per ounce, after investors responded to news that the Strait of Hormuz will remain fully open to commercial shipping during the 10-day ceasefire between Israel and Lebanon. However, all vessels will be required to transit via a “coordinated route,” according to Iran’s maritime authorities, a condition reiterated by the country’s foreign minister.

The announcement sparked a sharp sell-off in oil, with prices dropping more than 10%, easing inflationary pressures at least in the near term. Still, the broader geopolitical backdrop remains fragile. US President Trump stated that the US naval blockade “will remain in full force” until a comprehensive agreement is reached.

Gold is now on track to finish the week 0.8% higher, marking a fourth straight weekly advance, supported by expectations that a more durable US–Iran agreement could help reduce inflation risks and limit the extent of future central bank tightening.

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