Gold price hits two-month high, retreats after Hormuz turns oil

AI desk brief

Gold briefly surged to a nearly two-month high before reversing as traders oscillated between easing Strait of Hormuz tensions and firmer oil prices ahead of a key US inflation print. Comex December gold hit $4,495/oz (+1.7%) before easing to $4,440/oz (+0.5% on the day), while spot gold was little changed around $4,395/oz after an earlier 1% gain. Silver was more volatile: Comex September silver touched $66.685/oz, its highest since June, then fell back to $65.035/oz (-0.4%), with spot silver down about 1%; platinum was flat and palladium lost 0.9%.