Cointime

Download App
iOS & Android

Market Analysis: Ongoing Uncertainty of Iran War Pressures Gold Prices

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.'

Comments

All Comments

Recommended for you