Mumbai, April 17 -- COMEX gold is hanging around $4800 mark on Friday morning in Asia amid growing optimism that US and Iran will enter into a deal which will thereby reduce tensions and concerns of soaring inflation. However, closure of Strait of Hormuz continues to stay a critical concern and any disruption to energy supplies could once again boost crude oil higher, fueling inflation leading to higher interest rates, making the yellow metal less attractive. Nevertheless, People's Bank of China (PBoC) has reportedly extended its gold purchasing streak to 18 consecutive months through March 2026, supporting the metal. Currently, the counter is quoting at $4813.80 an ounce, up 0.14% on the day.
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