Commodities
Gold Holds Decline as Hormuz Quagmire Keeps Inflation Fear High
Gold dore bars stacked at the Perth Mint Refinery in Perth, Australia.
Photographer: Matt Jelonek/BloombergGold held a decline as a lack of progress in reopening the Strait of Hormuz continued to fan inflation concerns that sent bond markets tumbling.
Bullion was trading around $4,540 an ounce, after retreating almost 4% last week. The US and Iran remained far apart on a deal to end weeks of war and reopen the Strait of Hormuz, a vital waterway for energy flows that remains effectively closed. Oil climbed on Monday, raising the odds of a rate hike that would weigh on non-yielding bullion.