Gold prices are finding support as the immediate geopolitical premium linked to the Strait of Hormuz dissipates, with strategists pointing to stable US interest rates as a key anchor for the metal's medium-term outlook.
Ulrich Stephan, chief investment strategist for Deutsche Bank's private clients, indicated that gold should slowly establish a floor.
S&P Global Ratings has noted that while the Hormuz reopening lowers immediate trade disruptions, the normalization of global supply chains remains a costly and uneven process.
His assessment comes as the market digests the official reopening of the critical shipping chokepoint, which has reduced the acute tail risks that previously drove safe-haven demand.
The shift in sentiment aligns with broader market dynamics.
S&P Global Ratings has noted that while the Hormuz reopening lowers immediate trade disruptions, the normalization of global supply chains remains a costly and uneven process.
This structural adjustment, rather than acute crisis pricing, is now defining the risk environment for commodities.