Metals Advance as Hormuz Diplomacy Eases Crude Prices While Yields Hold Steady

Precious metals showed gains in early trading as spot gold reached approximately 4300 dollars an ounce, rising 0.62 percent, and silver advanced 1.62 percent to 64.76 dollars. Oil prices declined due to renewed hopes for a US-Iran agreement that could reopen the Strait of Hormuz, yet elevated Treasury yields near 5.1 percent and a 71 percent probability of another Federal Reserve rate hike in October kept gold on pace for weekly losses. The dollar index stood around 101.2 following stronger US economic data.

Durable goods orders remained flat, surpassing forecasts, which reinforced expectations for tighter monetary policy. Brent crude traded at 105.26 dollars per barrel, down 1.3 percent, and WTI at 92.78 dollars, down 1.9 percent, as diplomacy partially mitigated supply risks from the region. Equities firmed with Dow e-minis up 0.31 percent on AI-driven buying.

For gold, bulls target a move above 4304 to 4345 dollars, while silver looks to surpass 64.92 to 65.83 dollars.