(RTTNews) - Gold fell below $4,700 an ounce on Thursday as the dollar held firm and oil prices jumped toward $104 a barrel amid stalled U.S.-Iran peace talks and tensions over the Strait of Hormuz.
Spot gold fell 0.9 percent to $4,699.88 an ounce as the dollar held firm after two days of gains. U.S. gold futures were down 0.8 percent at $4,713.19.
Iran fired on three ships in the Strait of Hormuz and seized two of them for "maritime violations" after dismissing U.S. President Donald Trump's ceasefire extension as "meaningless."
The incident underscored the fragility of the ceasefire and pushed Brent crude prices above $103 a barrel, reigniting worries about inflation and interest rates.
Tehran said it remains open for negotiations, but the Strait of Hormuz cannot be opened due to "the blatant violations of the ceasefire" by the U.S. and Israel.
In a post on X, Iran's chief negotiator said the U.S. naval blockade of Iranian ports amounted to taking the global economy "hostage" and "warmongering" by Israel "on all fronts."
U.S. President Trump also signaled a firm stance, saying there can be no compromise on "sanity and common sense" in dealing with Iran.
A senior Iranian parliament official said that Tehran has deposited the first revenue from tolls on the strategic Strait of Hormuz into the Central Bank account.
The Pentagon has reportedly informed the U.S. Congress that clearing mines allegedly positioned by the Iranian military could take up to six months.
In economic releases, U.S. weekly jobless claims data, S&P Global PMI for April and Kansas Fed manufacturing index for April will be int the spotlight later today.
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