Gold prices hit a seven-week high on hopes of the reopening of the Strait of Hormuz. This was reported by Qazaqyia.kz citing Reuters.
Market participants are closely watching the improvement in the geopolitical situation and the reduction of tensions in the region. The reopening of the Strait of Hormuz could ease concerns about oil supplies and reduce investor demand for safe-haven assets, but gold still holds its ground.
The rise in gold prices is also attributed to persistent economic uncertainty and inflationary pressures worldwide. According to experts, gold remains a reliable safe-haven asset for investors.