Gold Rises to One-Month High After Iran Says Hormuz Completely Open

Gold climbed to its highest level in almost a month after Iran announced the Strait of Hormuz was 'completely open' for commercial traffic, and silver also rose sharply as the dollar and Treasury yields eased.

Gold moved to its highest level in almost a month after Iran announced the Strait of Hormuz is "completely open" for commercial traffic. The announcement came during a reported ceasefire linked to regional hostilities. Markets reacted with gains in precious metals while the dollar and Treasury yields eased. Officials from Iran and the United States offered different accounts of conditions for passage. Key facts: - Iran's foreign minister posted that commercial passage through the Strait of Hormuz is declared "completely open" for the remaining period of the ceasefire. - Spot gold rose to near a one-month high and silver gained more than 5% as the Bloomberg Dollar Spot Index and Treasury yields eased. - Iranian state TV cited a military official saying passage requires coordination with the Islamic Republic Guard Corps navy, while U.S. officials said a U.S. naval blockade would remain in place until a deal is reached. - Gold has recovered some losses but remains lower than before the conflict, having fallen about 8% since late February. Summary: Iran's announcement coincided with a rise in gold and other precious metals as currency and yields weakened. Officials offered differing accounts of the conditions for passage through the strait. Undetermined at this time.