Gold Prices Slip on Friday Morning as Hopes for Easing War Tensions Fade
Gold prices edged lower during Friday morning trading (May 8, 2026), pressured by fading optimism over a potential easing of geopolitical tensions in the Middle East.
According to Bloomberg, as of 07:58 WIB, gold futures for June 2026 delivery on the Commodity Exchange were trading at US$4,709.40 per troy ounce, down 0.03% from the previous session’s close of US$4,710.90 per troy ounce.
Although the decline was relatively mild, gold prices remained under pressure as optimism surrounding a possible agreement to reopen the Strait of Hormuz weakened following reports of attacks on US Navy vessels.
Bloomberg reported that military tensions escalated after Iran allegedly launched attacks on three US Navy destroyers sailing through the Strait of Hormuz.
The latest confrontation has further intensified geopolitical uncertainty as the United States seeks a way out of the conflict while awaiting Iran’s response to proposals aimed at reopening the crucial shipping route.
Gold prices have fallen around 11% since the conflict began. The closure of the Strait of Hormuz triggered major energy price shocks, fueling inflation concerns that could keep global interest rates elevated for a longer period.
Higher interest rates and a stronger US dollar continue to weigh negatively on gold prices, reducing the appeal of the precious metal among investors.
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