The situation between the US and Iran has taken another turn for the worse, causing gold prices to surge 3% before briefly falling.

· Iranian media reports that the Strait of Hormuz has been completely closed. This news is bullish for crude oil. · Gold ETFs saw record outflows in March. This news is a short-term negative for gold. · Federal Reserve meeting minutes: More officials mentioned the possibility of interest rate hikes. This news is positive for the US dollar.