Gold steadies at $4,069.41 as Qatar draft advances Hormuz reopening
Business
Gold prices held steady on Wednesday, dipping just a bit to $4,069.41 per ounce after a recent bump.
This comes as the US and Iran make progress on reopening the Strait of Hormuz (a key shipping route) thanks to a draft proposal from Qatar.
The move is helping cool inflation fears and making it less likely the US Federal Reserve will hike interest rates again soon.
Markets expect 1 Fed hike
Markets now expect only one more Fed rate hike this year, down from two last week, good news for gold and other non-yielding assets.
Meanwhile, Chinese investors have been piling into gold-backed funds for 14 days straight (their longest streak since March), helping offset earlier price drops caused by global tensions.