Gold Falls as US-Iran Hormuz Standoff Heightens Inflation Risk
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Gold sheets at the Polish mint, also known as Mennica Polska SA, in Warsaw, Poland, on Thursday, Feb. 12, 2026. Poland's central bank, the world's biggest reported buyer of gold, is boosting purchases by another 150 tons as it braces for more of the geopolitical instability that has driven prices to record highs. Photographer: Damian Lemanski/Bloomberg Photo by Damian Lemanski /BloombergArticle content(Bloomberg) — Gold declined as the US extension of a ceasefire with Iran left global markets grappling with a blockade of the Strait of Hormuz, impacting energy security and keeping inflation risks high.Sign In or Create an AccountEmail AddressContinueor View more offersArticle contentBullion fell as much as 1% on Thursday, trading around $4,700 an ounce. US President Donald Trump said the truce agreed April 7 would stay in place indefinitely while Washington waits for Iran to submit a new peace proposal, though Tehran says it has no plans to take part in negotiations imminently.Article contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Article contentArticle contentTrump’s ceasefire extension represents a retreat from threats to resume bombing of Iran in the event a deal couldn’t be reached by a Wednesday deadline. But the two sides remain locked in a battle to control Hormuz, a vital waterway for energy, to gain leverage in possible truce talks. Article contentTop StoriesGet the latest headlines, breaking news and columns.There was an error, please provide a valid email address.Sign UpBy signing up you consent to receive the above newsletter from Postmedia Network Inc.Thanks for signing up!A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Article contentThe US maintained a naval blockade on ships moving to and from the Islamic Republic, while Iranian gunboats fired on commercial vessels.Article contentOil rose for a fourth day. Now in its eighth week, the conflict has triggered an unprecedented energy-supply shock that has heightened inflation risks, making central banks more likely to keep rates steady for longer, or even hike them. This has put pressure on non-yielding bullion, which has retreated about 11% since the war began.Article contentThe precious metals market is “going to remain cautious and volatile,” Rhona O’Connell, head of market analysis for EMEA and Asia at trader StoneX Group Inc., said in a note. “Professional trading houses remain reluctant to commit large positions in the face of such febrile geopolitical conditions.” Article contentSpot gold fell 0.8% to $4,702.96 an ounce at 9:45 a.m. London time. Silver slid 2.7% to $75.62 an ounce. Platinum and palladium also declined.Article content—With assistance from Jack Ryan.Article contentTrending An old factory in Welland, Ont., sat derelict for years — until someone discovered it could be worth billions Mining U.S. trade czar threatens Canada over boycott that’s hurting booze makers Retail & Marketing Canadian telecom Rogers goes into tailspin as price war heats up Telecom Posthaste: Canada's home prices have now been falling for four years — and haven't hit bottom yet News Should Caroline, 62, defer CPP and OAS until age 70, or even delay retirement entirely?
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