Gold prices remained steady near a seven-week peak as traders awaited confirmation of a potential agreement between Iran and Oman concerning the Strait of Hormuz. According to FX Street, gold (XAU/USD) was trading around $4,270, marking a 0.53% increase on Thursday.
The market is closely monitoring developments in the geopolitically sensitive region, with the Strait of Hormuz being a critical chokepoint for global oil shipments. Any agreement between Iran and Oman could influence regional stability and, by extension, safe-haven demand for gold.
For Japanese investors, this movement in gold prices occurs amid ongoing volatility in FX and equity markets, reinforcing gold’s role as a key portfolio hedge during geopolitical uncertainty.