23.04.202600:20:37UTC+00Gold Retreats Amid Middle East Uncertainty

Gold slipped toward $4,700 an ounce on Thursday, erasing the prior session’s gains as markets continued to grapple with heightened uncertainty in the Middle East and the ongoing blockage of the Strait of Hormuz. The disruption has kept energy prices elevated and sustained upside risks to inflation.

Tehran has maintained control over the key shipping lane, sharply restricting almost all international traffic and reportedly firing on commercial vessels this week. At the same time, the United States has upheld its blockade of Iranian ports in an effort to ratchet up pressure on the Islamic Republic — a move Tehran has denounced as a violation of the ceasefire.

President Donald Trump stated that the current truce would remain in effect indefinitely while Washington awaits a new peace proposal from Iran.

Gold has been under persistent pressure since the conflict began, as surging energy prices have intensified inflation worries and increased expectations of further central bank rate hikes. The metal is now down roughly 10% from its level at the onset of the war.