<div id="readability-page-1"><div><p>[SINGAPORE] Gold was steady as optimism that a deal to reopen the Strait of Hormuz was imminent faded following reports of attacks on US Navy vessels, reviving inflation concerns.</p><p>Bullion traded near US$4,700 an ounce, after ending the previous session marginally lower. The US struck military targets in Iran after the country fired on three navy destroyers sailing in the strait, an escalation that dimmed hopes for a deal that had buoyed markets earlier.</p><p>The latest clashes heighten tensions as the US tries to exit a war now in its third month, and while it is waiting for Iran to respond to its proposal to reopen the strait, a vital waterway for energy flows.</p><p>Gold has fallen around 11 per cent since the conflict erupted, as the near-closing of Hormuz and resulting energy price shock fanned concerns about rising inflation that would keep interest rates higher for longer. Higher rates and a stronger US currency are negative for bullion as it pays no interest and is priced in the greenback.</p><p>Traders will be tracking the change in US non-form payrolls set to be released later Friday (May 8) for clues on the trajectory of rates. Some US Federal Reserve officials have played down the prospect that the central bank will eventually return to monetary easing, as the statement after last week’s monetary policy meeting suggested, given that the war is clouding the economic outlook and creating uncertainties.</p><p>Spot gold rose 0.3 per cent to US$4,697.39 an ounce at 7.24 am in Singapore, and was up 1.8 per cent for the week. Silver climbed 0.6 per cent to US$78.93, while platinum and palladium were steady. The Bloomberg Dollar Spot Index, a gauge of the US currency, was 0.1 per cent higher, but down 0.2 per cent this week. BLOOMBERG</p></div></div>

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<p>Gold prices remained steady at around US$4,700 an ounce as optimism for a deal to reopen the Strait of Hormuz diminished due to recent US-Iran clashes. The US military targeted Iranian positions after attacks on Navy vessels, escalating tensions in the region. Gold has dropped approximately 11% since the conflict began, driven by inflation concerns and the impact on interest rates. Spot gold rose 0.3% to US$4,697.39, while silver increased by 0.6%. Traders are awaiting US non-farm payroll data for insights on future interest rate movements.</p>

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