Uncertain prospects for US-Iran ceasefire, oil prices strengthen, gold comes under pressure

Golden Finance reports that on April 23, due to Iran’s vow that as long as the United States continues to blockade Iranian ports, the Strait of Hormuz will not be reopened, oil prices rose. Al Jazeera reported that around 8:30 a.m., U.S. and Brent crude oil prices surged temporarily before quickly falling back, as uncertainty about whether the war would reignite caused oil prices to fluctuate slightly up and down. Later, Iran International TV reported that early Thursday morning local time, multiple explosions were heard in eastern and western Tehran, with sources indicating the sounds resembled air defense system operations, but this information has not been confirmed by other media. KCM Trade chief market analyst Watler said, “Brent crude oil temporarily returned to triple-digit prices, keeping inflation concerns at the forefront of the market and causing gold to remain on the defensive today.” Watler pointed out, “Investors are worried that this ‘ceasefire plus blockade’ situation could last for months, turning the short-term price spike into a long-term inflation anchor; from an asset yield perspective, this will be bearish for gold.” (Jin10)