17:19 - 5.08.2026

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August 5, Fineko/abc.az. Gold extended its rally for a third consecutive session as prospects of a temporary agreement to reopen the Strait of Hormuz eased inflation concerns and reduced the likelihood of further interest rate hikes by the U.S. Federal Reserve.

Qatar indicated that a draft proposal is being prepared to restore maritime traffic, while Axios reported that Washington, Tehran, and Oman are closing in on a deal. Following these developments, spot gold surged by over 4% during the day to touch $4,200 per ounce, while silver rose nearly 4% to $62.22 per ounce.

Despite facing sharp declines since the U.S.-Iran conflict began in late February, gold prices have held above the critical $4,000 threshold, supported in part by persistent buying from Chinese institutional investors.