Market attention on the progress of reopening the Strait of Hormuz leads to a rise in gold and silver prices.

As expectations rise regarding a temporary agreement and the reopening of the Strait of Hormuz, market concerns about inflation prospects have eased, reducing the likelihood of an interest rate hike by the Federal Reserve. Gold prices have risen for the third consecutive trading day, with spot gold increasing by over 3% to about $4,230 per ounce. In the previous two trading days, gold prices recorded slight gains, and silver prices also rose in tandem. As the market increasingly anticipates that parties will reach an agreement to restart this critical trade route, U.S. President Trump stated that an agreement concerning the Strait of Hormuz could potentially be reached as early as Wednesday. Meanwhile, the dollar weakened, and U.S. crude oil prices further declined.