Gold eases from four-week top as Hormuz risks support USD

Gold prices retreated from a four-week high as geopolitical tensions in the Hormuz Strait bolstered the US dollar. The strengthening of the dollar is attributed to increased risk appetite among investors, who are seeking safety amid potential supply disruptions in oil markets. This dynamic typically pressures gold, which is often viewed as a hedge against currency fluctuations. Traders will be particularly focused on upcoming oil inventory data, which could further influence market sentiment and the interplay between gold and the dollar.

The US Dollar (USD) is the world's primary reserve currency and the base for most forex majors. Headlines about Federal Reserve policy, US macro data (CPI, NFP, GDP), and Treasury yield shifts typically drive USD pair direction within seconds of release.

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