Article from sp angel, morning view. Today.20 Apr 2026 14:51
Gold ($4,793/oz) pares ceasefire gains as tensions remount in Middle East • Gold prices rallied sharply on Friday in the wake of Trump and Iran’s announcement of a reopening of the Straits of Hormuz. • The metal climbed to recent highs of $4,884/oz, before paring gains. • The gold price sold off sharply to $4,750/oz on news that the US had seized an Iranian vessel in the Gulf of Oman, with Iran promising retaliation. • Importantly, gold is gradually breaking away from previous weakness on escalation in Iran, with buyers steadily accumulating on weakness. • The sharp retracement to $4,100/oz in March following an overenthusiastic bullion market reflected a sharp influx of retail and speculative capital through February. • This was compounded by distressed selling from Turkey in a bid to prop up the Lira. • Gold is resuming its upwards momentum as investors and central banks look to key longer term themes of foreign reserve diversification and concerns over elevated budget deficit