Gold Surges $173.80 to $4,328 Today, Largest Single-Day Gain in Five Months

According to The Gold Forecast, gold surged today to an intraday high of $4,328.20, up $173.80 or 4.20% --- the metal's largest single-day advance in five months. The commodity cleared resistance at $4,200 and its 50-day moving average at $4,249, trading at $4,308 at the time of publication.

The primary driver was remarks by President Trump regarding Iran's discussions on reopening the Strait of Hormuz, through which roughly 20% of globally transported maritime oil flows. Under the reported arrangement, Iran would control northbound ship traffic while Oman would oversee southbound vessels, with an initial 60-day fee-free transit period. Additionally, second-quarter central bank gold reserve data showed expansion at a faster-than-expected pace, providing further bullish support.