WASHINGTON (dpa-AFX) - Gold prices have surged on Friday after Iran reopened the Strait of Hormuz fully until April 22. This development eased oil prices, and with inflationary pressure reducing, the U.S. dollar weakened, pushing yellow metal prices higher.
Front Month Comex Gold for June month delivery has climbed sharply by $77.20 (or 1.61%) to $4,885.50 per troy ounce.
Front Month Comex Silver for June month delivery has catapulted by $3.473 (or 4.40%) to $82.465 per troy ounce.
The U.S.-Israel versus Iran war that began on February 28 is undergoing a two-week ceasefire initially announced by U.S. President Donald Trump last week and confirmed later by Iran.
In the middle of the ceasefire (set to lapse on April 22) U.S. and Iran held negotiations in Pakistan last Saturday to formulate a framework of agreement to charter future negotiations and end the crisis altogether.
The talks were not progressive and Trump ordered U.S. naval forces to block all vessels transiting from and to Iran's ports across the Strait of Hormuz.
Since the forces remained stationed near Iran despite the ceasefire announcement, the blockade was quickly enforced. The Pentagon confirmed that around 13 ships have been turned away so far.
Iran's Foreign Minister Seyed Abbas Araghchi declared today that Iran has fully reopened the Strait of Hormuz to commercial vessels and added that the seaway will remain open for the remaining period of ceasefire.
While confirming the reopening, Trump also stressed that the blockade will remain until Iran reaches a deal with the U.S.
Speaking at an event at Las Vegas, Trump claimed that the Iran war will end soon. Trump also dismissed inflationary pressures due to soaring oil prices as 'fake.'
The U.S. and Iran are set to begin the next round of ceasefire talks in Pakistan in the next couple of days.
Yesterday, Trump asserted that he would travel to Pakistan if a deal to end the crisis was signed up there.
Meanwhile, a 10-day ceasefire between Israel and Lebanon, mediated by U.S. came into effect since Thursday.
Israel, however, stated that Hezbollah will be disarmed from south of Litani through political diplomacy or else by military activity after the ceasefire period ends.
With expectations of a U.S.-Iran peace-deal increasing, oil prices nosedived.
WTI crude oil for May month delivery was last seen trading at $83.45 a barrel down by $11.24 (or 11.87%).
The U.S. dollar index was last seen trading at 97.97, down by 0.24 points (or 0.24%) today.
Since the start of the Middle East war between the U.S.-Israeli forces and Iran, gold prices have plunged by over 10%.
For a lasting deal between the U.S. and Iran, Iran's nuclear program, control over the Strait of Hormuz, and reparations for Iran due to the gulf war are the crucial sticking points requiring a complete resolution.
Analysts are waiting to see how the U.S.-Iran negotiations pan out before making bigger moves.
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