On May 6, analysts said gold futures rose as tensions in the Middle East subsided. Vivek Dhar of Commonwealth Bank of Australia noted in a research report that Trump's announcement of temporarily suspending the plan to ensure ship safety in the Strait of Hormuz reduced tensions. Since gold prices hit an intraday high of $5,422 per ounce on March 2, gold futures have generally had an inverse correlation with the level of Middle East tensions. Dhar added that the upward momentum in gold prices could be driven by several factors: hopes for a ceasefire in the Middle East, market expectations of interest rate cuts as high energy prices slow global growth, and concerns over the Federal Reserve's independence.#thebcr #bcrTrading #bcrGlobal