Gold Holds Steady After Volatile Trade

2026-04-08 23:54 By Jam Kaimo Samonte 1 min. read

Gold steadied near $4,700 per ounce on Thursday following sharp swings in the previous session, as investors assessed a fragile ceasefire in the Middle East amid sporadic fighting and lingering uncertainty over the reopening of the Strait of Hormuz.

Iranian media reported that oil tanker transit through the strait had been halted after Israeli strikes on Lebanon, while a senior Iranian official said three provisions of the ceasefire proposal had already been breached.

Meanwhile, US Vice President JD Vance said there are indications the strait may begin reopening as he leads a US delegation to Islamabad for direct talks with Iran.

Oil prices rebounded slightly and the dollar and bond yields edged higher, maintaining downward pressure on gold.

On Wednesday, bullion climbed as much as 3.3% following the ceasefire announcement, before giving up nearly all those gains as investors took profits amid a broader risk-on rally in global equities.



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