Spot Gold Steady Near $4,539 as Hormuz Skirmishes Lift Demand Amid Oil Surge, Fed Hike Bets

Spot gold traded steadily around $4,529-$4,539/oz on May 5, 2026, buoyed by intensifying Strait of Hormuz skirmishes and stalled U.S.-Iran talks spurring safe-haven flows, despite Brent crude topping $110/bbl fueling inflation fears and hawkish Fed rate hike expectations. Prices had plunged below $4,600 on April 29 after robust U.S. durable goods (+0.8% vs. +0.5% est.) and housing starts (+10.8% to 1.502M saar), but clawed back some ground on softer jobless claims (189k vs. 215k est.) and Q1 GDP (+2.0% vs. 2.2% est.), with the Fed holding at 3.50%-3.75% as core PCE hit 3.2% YoY. Upside capped by energy risks, though Q1 bar/coin demand soared 42% to 474 tonnes and central banks added 244 tonnes.