Gold Resilient as $100+ Oil Surge Breaks Correlation on Trump’s Hormuz Threat

Gold is holding up despite Brent surging back above $100/bbl, with the usual oil-gold linkage weakening after Trump’s threat to blockade the Strait of Hormuz jolted energy markets. Spot gold briefly dropped 2.2% to $4,642/oz before recovering most of the move, leaving it only about $20 below the prior close, and the metal remains up 16.5% from its late-February conflict low.