Strategist: Precious metals perform strongly amid Middle East tensions

Although traffic in the Strait of Hormuz remains largely obstructed, this does not appear to have hindered the upward momentum of precious metals futures. Mizuho Securities USA noted in a report that this may be because investors are increasingly convinced that hostile actions could soon enter a more prolonged resolution phase. Energy futures strategist Robert Yawger stated: "The price trend suggests that traders expect the war to end soon rather than drag on." The settlement price of the near-month gold futures contract has risen for four consecutive trading days, increasing by 0.9% today to $4,792.20 per ounce. Silver has also risen for four consecutive trading days, with a 1.4% increase, reaching $76.277 per ounce.