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Gold prices hit over two-month highs, with spot gold at $4407.79/ounce, influenced by Strait of Hormuz negotiations and attention on US inflation data.
Spot gold (XAU/USD) rose 0.4% to $4407.79 per ounce, and gold futures increased 1.1% to $4467.59. This followed an unexpected decline in US July non-farm payroll data, which propelled gold prices to jump 2.4% last Friday and close at their highest level in nearly 10 weeks on Monday. The market is now closely watching the US Consumer Price Index (CPI) to be released on Wednesday and the Producer Price Index (PPI) on Thursday for further signals regarding the Federal Reserve's interest rate outlook. Additionally, the latest developments surrounding the Strait of Hormuz are also impacting gold prices, with Iran stating it is finalizing an agreement with Oman on new shipping routes, but emphasizing that additional US conditions must be met for the strait to reopen.
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