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Spot gold continued its strong advance, rising 0.45% this morning to $4,266 an ounce after gaining 4.16% yesterday. The rally has been supported by expectations that lower oil prices following progress toward reopening the Strait of Hormuz will reduce inflationary pressures, allowing the Federal Reserve greater flexibility to hold interest rates steady.

Brent crude continued its sharp decline, falling 0.70% this morning to around $78.75 a barrel after dropping 6.74% yesterday amid growing optimism that the U.S. and Iran are close to reaching a 60-day interim agreement to reopen the Strait of Hormuz without tolls.

Spot gold rose 0.5% this morning to around $4,070 per ounce, benefiting from lower Treasury yields and a softer U.S. dollar as easing geopolitical tensions reduced inflation expectations while supporting demand for safe-haven assets.