Home / Business and Economy / Gold steadied after bond rout and Hormuz deadlock
Gold steadied after bond rout and Hormuz deadlock
19 Aug
Summary
- Gold prices stabilized near $4,330 per ounce.
- A significant bond selloff caused yields to rise.
- Strait of Hormuz deadlock added to market uncertainty.
Gold prices found a stable footing at approximately $4,330 per ounce. This came after a notable 2% drop in the preceding trading day, which halted a two-day ascent. The recent uptrend in gold was curtailed by a significant selloff in the bond market. This downturn in bonds led to an increase in yields and bolstered the US dollar, creating opposing pressures on the precious metal. Further contributing to market volatility, a deadlock situation in the Strait of Hormuz intensified geopolitical unease. This strategic waterway's operational status often influences global commodity markets, including gold.
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