Archive · 7 Aug 2026
Gold Steady, Oil Rises on Iran Hormuz Vessel Ban Proposal
Gold is a shiny yellow metal that some people buy to keep their money safe.
On Wednesday, gold prices jumped a lot — the biggest one-day gain since February.
On Thursday, gold prices stayed about the same after giving back some of those gains.
At the same time, news came out that Iran might pass a law to stop ships from some countries from sailing through the Strait of Hormuz.
That waterway is very important because many ships carrying oil pass through it.
Because of this news, oil prices went up by more than three dollars for one barrel.
When oil costs more, many other things in stores can cost more too — grown-ups call this inflation.
To fight inflation, banks like the Federal Reserve might make it more expensive to borrow money.
On Friday, the U.S. will share new numbers about jobs, and people will watch them to guess what the Federal Reserve will do next.
Spot gold was little changed at $4,244.29 per ounce on Thursday after paring earlier gains that had taken it to its highest level since June 18.
Gold climbed over 4% on Wednesday, its biggest daily gain since February.
Iran's parliamentary committee is reviewing a preliminary bill to bar U.S., Israeli and other 'hostile' vessels from the Strait of Hormuz, according to Fars news agency.
Oil prices rose by more than $3 a barrel on the news, reigniting inflation fears and expectations that central banks will keep rates higher for longer.
Traders priced about a 57% chance of a Fed rate hike in September and an 84% chance in December, with Friday's U.S. jobs report set to influence the Fed's message.
- Who
- Investors and traders; analysts Jim Wyckoff of American Gold Exchange and Bob Haberkorn of StoneX; Iran's parliamentary committee; the U.S. Federal Reserve.
- What
- Gold pared earlier gains to trade steady while oil jumped more than $3 a barrel after Iran began reviewing a bill to bar 'hostile' vessels from the Strait of Hormuz, with traders awaiting U.S. jobs data for Fed rate signals.
- When
- Thursday, August 6, with the U.S. non-farm payrolls report due Friday at 8:30 a.m. ET.
- Where
- Global commodity markets, in the context of the Strait of Hormuz and U.S. economic data.
- Why
- The Iran bill news stoked fears that an oil price rally would feed inflation and force central banks to keep interest rates higher for longer, while the Fed's rate outlook and upcoming jobs data remain the main drivers for gold.
- Spot gold price
- $4,244.29 per ounce (little changed Thursday)
- U.S. gold futures
- Settled about 0.1% lower at $4,299.60
- Wednesday's gain
- Over 4%, biggest daily gain since February
- Oil price move
- Up more than $3 per barrel on Hormuz news
- Record gold high
- $5,594.82 per ounce in late January; gold still down about 24%
- September rate-hike odds
- 57% (CME FedWatch Tool)
- December rate-hike odds
- 84% (CME FedWatch Tool)
- Spot silver
- Down 0.9% to $61.54 per ounce