Gold prices falling, as tension in the Strait of Hormuz boosts oil prices.

Gold prices fell as news emerged that the Strait of Hormuz was once again closed, leading to higher oil and gas prices and reigniting concerns about inflation. In early European trading, New York gold futures fell 1.3% to $4,815.30 per ounce. The US Dollar Index, which measures the dollar against a basket of major currencies, rose 0.1% to 98.24. Analysts at Success Bank said, "The latest weakness is being driven by a stronger dollar and new worries about inflation triggered by energy prices. Given the chain reaction effect on the dollar, bond yields and US interest rate expectations, gold and silver remain highly sensitive to developments in the Middle East." Silver futures fell 2.4% to $79.90 per ounce, while platinum futures fell 2.3% to $2,092 per ounce.