Geopolitical Standoff Sustains Floor

Despite the ceasefire, the continued closure of the Strait of Hormuz and the US blockade of Iranian ports ensure a structural risk premium remains. President Trump's directive to target mine-laying vessels has kept safe-haven interest active, preventing a deeper correction.

Federal Reserve Independence

Fed Chair nominee Kevin Warsh's recent pledge for a new framework to tackle persistent inflation has bolstered the US Dollar. This hawkish undertone is forcing a rotation out of bullion as real rates begin to climb.