On April 28, the ongoing uncertainty surrounding the Iran war put pressure on gold prices, with the main international gold futures contract dropping by 1% at one point. The Wall Street Journal reported that Iran has proposed a new initiative to halt attacks in the Strait of Hormuz in exchange for a comprehensive end to the war and the lifting of the U.S. blockade on Iranian ports. Additionally, discussions regarding Iran's nuclear program will also be postponed. RJO Futures noted in a research report that gold prices currently appear to be in a consolidation phase and are 'gathering momentum, preparing for the next significant directional move.'
All Comments