Gold and silver prices fall as oil drops and US stocks hit records amid easing Strait of Hormuz tensions.

Gold and silver prices declined sharply after a drop in crude oil and record US stock market closes reduced safe-haven demand linked to the Strait of Hormuz tensions. Spot gold fell 1.17% to about $4,454.80 an ounce, while silver dropped 3% to around $74.67. Oil prices fell to their lowest in over a month following reports of a potential US-Iran peace deal that could reopen the Strait of Hormuz, easing geopolitical risks. Despite the deal not being finalized and ongoing headline risks, the market favored de-escalation, leading to lower oil, weaker energy shares, softer Treasury yields, and record highs for major US indices. Investors now await key US economic data later in the week that could influence inflation and market trends.