According to President Trump and the International Energy Agency, gold prices fell below $4,600 per ounce on Wednesday, marking a one-month low after declining nearly 2% in the previous trading session. The closure of the Strait of Hormuz, amid stalled U.S.-Iran peace negotiations, has disrupted approximately 20% of global oil shipments, triggering what the IEA described as the largest supply shock on record and intensifying inflation concerns.
Market participants increasingly expect central banks to maintain elevated interest rates longer or tighten further, which pressures non-yielding gold. The Bank of Japan held its policy rate steady earlier this week, while the U.S. Federal Reserve, European Central Bank, Bank of England, and Bank of Canada are scheduled to announce rate decisions later this week.
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