Gold above $4,340, oil rises on Hormuz uncertainty
Compared to this morning's highs, markets today are showing two new signals: gold touches a high not seen since late July and oil rises as mixed signals between the US and Iran over the strait remain unresolved.
Alongside this morning’s data on the S&P 500 hitting a 52-week high and the Nasdaq’s rise, two distinct movements emerged in the afternoon concerning gold and oil, both linked to shifting expectations on Federal Reserve rates and negotiations over the Strait of Hormuz.
Gold rose 2.11 percent, reaching $4,342 an ounce, its highest level since late July, while US bond yields and the dollar weakened in parallel. The yield on the 10-year Treasury fell to 4.651 percent, a movement traders read as a signal that the Fed’s rate-hiking phase should be considered over. The dollar index weakened 0.39 percent, falling below the 100 threshold. On the equity front, the Nasdaq rose 1.30 percent and the S&P 500 gained 0.62 percent, touching 7,758 points, a 52-week high.
| Indicator | Today’s figure |
|---|---|
| Gold | $4,342/ounce (+2.11%, highest since late July) |
| 10-year Treasury | 4.651% |
| Dollar index | -0.39%, below the 100 mark |
| Nasdaq | +1.30% |
| S&P 500 | 7,758 points (52-week high) |
| Brent (October) | $84.42/barrel (+1.04%) |
| WTI (September) | $78.83/barrel (+0.83%) |
On the energy front, oil rose on Monday as traders continue to weigh mixed signals between the United States and Iran over a possible agreement to reopen the Strait of Hormuz. Brent futures for October delivery advanced 1.04 percent to $84.42 a barrel, while US WTI for September rose 0.83 percent to $78.83 a barrel.
The overall picture thus shows a stock market that continues moving near its highs while gold and oil, assets typically tied to perceptions of risk or geopolitical uncertainty, rise in parallel — an alignment less common than on days when stock markets rally on pure optimism.
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