A sharp decline in gold prices with the reopening of the Strait of Hormuz and the rise in oil
Gold prices fell sharply on Monday, as fears of a shutdown prompted The price of gold in spot transactions rose 1.5% to $4,060.36 per ounce by 05:41 GMT. US gold futures (August delivery) also fell by 1.1% to $4,068.30.
In other precious metals, the spot price of silver fell by 2.6% to $58.29 per ounce, the price of platinum fell by 1.6% to $1,601.92, and the price of palladium fell by 2% to $1,251.42.
And exchanged US and Iranian forces launched heavy missile and drone attacks, as Tehran targeted US facilities in Gulf countries on Sunday, and announced the closure of the vital Strait of Hormuz again.
Oil prices jumped by about 4%, and The dollarand US Treasury bond yields, while stock markets in Asia fell.
This week, Federal Reserve Chairman Kevin Warsh is scheduled to testify before Congress, along with the release of a batch of key US economic data, including the CPI, Producer Price Index and June retail sales, in search of new indicators on the economy, inflation and monetary policy expectations.
Traders are currently anticipating a 72% probability of the US Federal Reserve raising its rate. Interest in September, up from about 63% last week.
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