Friday’s announcement that the Strait of Hormuz had reopened was enough to trigger a visible relief move in Oil prices. But the subsequent closure quickly reminded markets that headlines can change quickly, but energy normalization takes much longer.
Gold prices have fluctuated significantly this 2026 so far, reaching an all-time high at almost $5,600 per troy ounce at the end of January, and then correcting to a low of $4,100 in March.
Gold is struggling near $4,800 in Asia on Tuesday, snapping two consecutive days of gains.
Financial markets are in cautious mode at the beginning of the new week, with investors wondering what will happen next. Spot Gold traded as low $4,737 before bouncing, now battling to retain the $4,800 mark.
The EUR/USD pair retreated slightly below the psychological level of 1.1800 as focus remained on the rising tensions between the US and Iran. If dropped to 1.1765, down sharply from this month’s high of 1.1850.
Gold is back in the red at the start of the week on Monday, flirting with the $4,800 barrier, following an impressive rally witnessed on Friday.