Gold Prices Rise, Oil Hits 4-Month Low

U.S. employment figures came in weaker than expected. Private sector job growth in the U.S. in June was only 98,000, falling short of forecasts. U.S. Federal Reserve Chair Jerome Powell recently stated that inflation expectations and risks have diminished in recent weeks. These factors contributed to a rise in gold prices.

U.S. President Donald Trump announced that negotiations between the U.S. and Iran are proceeding smoothly. President Trump reported that the U.S. and Iran are engaging in productive talks, with working-level negotiations underway aimed at normalizing oil transport through the Strait of Hormuz and achieving a sustainable ceasefire. News of the ongoing negotiations has eased market concerns about potential oil supply disruptions.

Expectations that oil transportation through the Strait of Hormuz will recover have led to a decline in international oil prices. The market reacted optimistically to the increasing volume of crude oil passing through the strait, and further price drops were hinted at as oil transit volumes return to pre-war levels. These factors have caused international oil prices to fall to their lowest point in four months.