Friday 17 April 2026 – 08:24 PM
I continued Gold prices Gains were achieved during Friday’s trading, supported by the decline of the dollar and Abbas Araghchi’s statements regarding completely opening the Strait of Hormuz to commercial ship traffic during the remaining period of the ceasefire, which contributed to allaying inflation fears with the decline in oil prices.
Gold continues to rise globally, supported by the decline of the dollar and the opening of the Strait of Hormuz
According to Reuters, gold rose in spot transactions by 1.5% to reach $4,860.39 per ounce by 13:36 GMT, achieving gains of more than 2% since the beginning of the week. US gold futures also rose by 1.6% to $4,883.20.
Araqchi pointed out that the crossing of ships in the strait will take place through the coordinated route announced by the Iranian Ports and Maritime Organization, in a step that reflects relative stability in the global trade movement.
In the same context, US President Donald Trump expressed his optimism about the possibility of reaching an agreement soon to end tensions with Iran, although the timing of this is not yet clear.
Peter Grant, vice president of Zaner Metals, a company specializing in metals markets, said that the reopening of the strait represents an important factor that would put pressure on oil prices, which reduces inflation fears and supports expectations of lowering interest rates, which is in favor of gold. He added that the yellow metal may exceed the level of $5,000 per ounce in the short term.
At the same time, the dollar and oil continued to decline following these developments, enhancing the attractiveness of US currency-denominated commodities for investors holding other currencies.
Gold had previously been under pressure following the escalation of military tensions in late February, with rising energy prices and increasing inflationary fears, which prompted markets to reduce expectations of a rate cut. Although gold is considered a safe haven, high interest rates usually limit demand for it as it does not generate a return.
On the other hand, sources reported that Indian banks temporarily suspended requests to import gold and silver, due to the delay in issuing a government decision regulating import operations, which led to a congestion of shipments of the two metals at the ports.
As for other precious metals, they witnessed notable increases, as silver rose by 4.6% to $81.99 per ounce, achieving weekly gains of approximately 8%. Platinum also rose by 2.1% to $2,130.42, and palladium increased by 2.4% to reach $1,588.44, with both metals heading for weekly gains.
