Gold Sinks as US and Iran’s Deadlock on Hormuz Continues

Gold sheets.
Photographer: Damian Lemanski/Bloomberg

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By Yihui Xie, Jack Ryan, and Sybilla Gross

April 27, 2026 at 10:27 PM UTC

Updated on

April 28, 2026 at 7:18 PM UTC

Gold declined on concerns that protracted negotiations between the US and Iran could keep the Strait of Hormuz shut for an indefinite period and further heighten inflation risks.

Bullion fell as much as 2.7% on Tuesday, dropping well below $4,600 an ounce, before paring some losses after US President Donald Trump said Iran has asked the US to lift a naval blockade of the crucial waterway.