Gold hovers near early-June high on lower bond yields - Reuters
Source: Reuters
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DW NOTE
Gold is not hovering near anything — it's down 14.5% from its January peak and only recovering from a deeper selloff. The haven bid exists because the Strait of Hormuz has been closed for 174 days and oil supply is down 4.3 million barrels per day. Lower bond yields don't drive the gold price when the structural shock is energy.
For the first four months of the war between the United States and Israel and Iran, oil traders remained largely bearish. The overwhelming expectation was that the war would end soon—even as July rolled around—and oil flows out of Hormuz would recover. Instead, the world is slipping into a fuel shor
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