The reopening of the Hormuz Strait boosts gold and silver prices skyrocket.

Iranian Foreign Minister Aragchi announced the reopening of the Strait of Hormuz on the 17th, which led to a significant increase in international gold and silver prices. Just 5 minutes after the announcement, the spot gold price rose to $4890.78 per ounce. On the morning of the 17th (Eastern Time), the June gold futures price on the New York Mercantile Exchange surged by nearly 2%, while the May silver futures price rose by over 4%. Aragchi stated on the same day that during the Lebanon-Israel ceasefire, Iran would open the Strait of Hormuz to all commercial ships. Analysts believe that this statement from Iran caused a significant drop in international oil prices, which could help alleviate short-term inflationary pressures and boost market sentiment, weakening demand for the US dollar. Due to the weakening dollar and the sharp drop in oil prices, the prices of gold and silver have risen significantly.