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Geopolitical Score 82 Neutral

Gold Stabilizes as US-Iran Ceasefire Extends Amid Hormuz Blockade

Apr 21, 2026 22:22 UTC
XAU, CL=F
Short term

Gold prices found a floor near $4,720 per ounce after President Trump extended a ceasefire with Iran. Despite the pause in military action, the continued closure of the Strait of Hormuz maintains significant geopolitical risk.

  • Gold price steadying at $4,720/oz
  • Ceasefire extended pending Iranian proposal
  • Diplomatic peace talks have stalled
  • Strait of Hormuz remains closed to shipping
  • US blockade of Iranian vessels persists

Gold prices stabilized in early trading, halting a two-day slide as the United States extended a ceasefire with Iran. The precious metal was trading near $4,720 per ounce, recovering from a previous session where prices plummeted more than 2%. The stabilization follows an announcement by President Donald Trump, who stated he would refrain from further military strikes until Iran submits a new proposal and discussions are concluded. However, the diplomatic outlook remains clouded as recent attempts at peace talks have reportedly collapsed. A critical point of tension remains the Strait of Hormuz. The vital waterway remains closed to shipping, with Iran maintaining that it will not reopen the passage as long as the U.S. continues its blockade of vessels traveling to and from the Islamic Republic. The market is currently balancing the de-escalation provided by the ceasefire against the systemic risk of a closed shipping lane. While the immediate threat of renewed airstrikes has receded, the ongoing blockade of a primary global energy artery continues to provide a baseline of support for safe-haven assets.

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