Lower Oil Prices Lend Support For The Gold Rally

Oil prices fell for a second week running thanks to optimism surrounding renewed U. S. -Iran diplomacy to reopen the Strait of Hormuz. U. S. President Donald Trump announced on Monday that talks between Washington and Tehran would resume l, adding that U. S.

allies in the region, including Saudi Arabia, had urged him to suspend attacks. Iran and Oman have managed to reach a preliminary agreement on geographic coordinates for a temporary, partial shipping route through Hormuz, easing immediate supply fears.