Gold Set for Weekly Decline

2026-04-24 00:31 By Jam Kaimo Samonte 1 min. read

Gold held below $4,700 an ounce on Friday and was on track to decline about 3% for the week, as escalating tensions between the US and Iran over the Strait of Hormuz drove energy prices higher and intensified inflation concerns.

Both sides have maintained their blockades of the strategic waterway, with peace negotiations showing little progress.

President Donald Trump also said in a social media post on Thursday that he had ordered the US Navy to “shoot and kill” vessels laying mines in the strait, while US forces also boarded a supertanker carrying Iranian oil in the Indian Ocean.

Meanwhile, the US-Iran ceasefire has been extended indefinitely as Washington awaits a new formal proposal from Tehran, while the truce between Israel and Lebanon has also been prolonged by three weeks.

Elevated energy prices have heightened inflation risks and bolstered expectations of potential central bank rate hikes, weighing on the appeal of non-yielding bullion.



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