Market Analysis: Ongoing Uncertainty of Iran War Pressures Gold Prices

Golden Finance reported that on April 28, the ongoing uncertainty of the Iran war placed pressure on gold prices, and its main international gold futures contract fell by as much as 1% at one point. The Wall Street Journal reported that Iran has proposed a new plan to stop its attack operations in the Strait of Hormuz in exchange for a comprehensive end to the war and the lifting of the U.S. blockade of Iranian ports. In addition, discussions about Iran’s nuclear program will also be put on hold. In a research report, RJO Futures noted that gold prices currently appear to be in a consolidation phase and are “building momentum, preparing for the next round of major directional moves.”