Gold is extending its longest consecutive winning streak in six months on Thursday, 6 August, as pressure on the United States Federal Reserve to raise interest rates eases and signs of progress emerge on the reopening of the Strait of Hormuz. The precious metal is up 0.39%, trading at $4,263.83 per ounce, adding to the 4.1% advance recorded in the previous session — the largest single-day gain since 3 February.
Market optimism follows an announcement that Iran has reached an agreement with Oman on an alternative shipping route through the Strait of Hormuz, raising the possibility of a partial resumption of energy flows through the critical waterway. Iranian Foreign Ministry spokesman Esmail Baghaei said a joint communiqué from both countries, incorporating key considerations and the terms of the agreement, is under review and in its final stages of preparation. Negotiations between the two countries are "professional" and "in progress", he added.
Progress towards ending a conflict now spanning more than five months has prompted markets to scale back expectations for US monetary policy tightening: only one Federal Reserve rate hike is now fully priced in by year-end, compared with two just a week ago. A less aggressive monetary cycle tends to benefit precious metals, which generate no yield. Gold, it should be noted, has lost nearly 20% of its value since the outbreak of hostilities between the United States and Iran at the end of February, a period in which energy prices surged and fuelled inflationary pressures.
"The macroeconomic headwinds being pushed back on the horizon, combined with hopes of a US-Iran deal, have given a significant boost to precious metals," analysts at TD Securities, including Ryan McKay, wrote in a note cited by Bloomberg. "Discretionary macro funds have more than doubled their positions since June," they added.
Silver, meanwhile, put the brakes on its recent gains, retreating 0.3% to $61.84 per ounce.
Source: Diário Económico
Original article: https://www.diarioeconomico.co.mz/2026/08/06/mercados/commodities/ouro-prolonga-maior-periodo-de-ganhos-em-seis-meses-com-ormuz-em-foco/
