Gold Jumps to One-Month High as Iran Says Hormuz Completely Open

Gold jumped to the highest in almost a month after Iran declared the Strait of Hormuz “completely open” to commercial traffic, a major step toward ending the conflict that spurred energy prices to rally and threatened economic growth.

Bullion gained as much as 2.1% before paring some gains as the dollar and Treasury yields slumped. A weaker US currency and lower rates are positive for the precious metal as it’s priced in the greenback and pays no interest.