Strategist: Precious metals strengthen under heightened Middle East tensions

Traffic in the Hormuz Strait is still mostly blocked, but this does not seem to be hindering the rise in precious metal futures. Mizuho Securities USA stated in a report that this may be due to investors increasingly believing that hostile actions may soon come to a more lasting end. Energy futures strategist Robert Yawger stated, "The price movements suggest that traders are expecting this war to end soon, rather than dragging on." Nearby gold futures contracts have risen for four consecutive trading days, up 0.9% today to $4,792.20 per ounce. Silver has also risen for four consecutive trading days, up 1.4% to $76.277 per ounce.