Gold prices fell and posted a second consecutive weekly decline as traders tracked tensions around the Strait of Hormuz and a US shipping plan. [1]
The metal dropped as much as 1.9% before recovering some of the loss. [1]
President Donald Trump said on Sunday that the US would begin guiding some ships not involved in the Iran conflict through the strait starting Monday. He said the US would begin guiding “some ships that aren’t involved in the Iran conflict out through Hormuz starting Monday.” [1]
Oil prices stayed steady as traders questioned whether the US plan to guide vessels through the narrow waterway could be carried out. The Strait of Hormuz is a key route for global energy shipments, and the area has been under close watch as Iran tensions stirred concern over shipping lanes. [1]
The latest price action came on 2026-05-03, when gold fell and logged its second weekly decline. Trump made the shipping announcement the same day, and the US was due to start guiding selected ships on Monday, 2026-05-04. [1]