Gold Surpasses $4300 on Hormuz Pact Easing Oil and Yield Pressures

Spot gold rose to around $4330 an ounce and silver to $70.30 after Monday's close. The gains followed a preliminary U.S.-Iran agreement to reopen the Strait of Hormuz, which lowered crude prices and eased Treasury yields.

Brent crude dropped 4.8% to $83.17 per barrel while the 10-year U.S. yield slipped to 4.47%. Equities rallied, with the S&P 500 up 1.7% at 7554.29, the Dow gaining 0.9% to 51671.03 and the Nasdaq climbing 3.1% to 26683.94.

Technically, gold faces resistance at $4370–4390 with support near $4300. Silver resistance sits at $71–72 and support at $68.50.