Gold Price Outlook: Oil Futures Disagree With Stock Markets

The World Gold Council’s April commentary carries a loaded title: “The Return of Transitory.” It’s a warning — equity markets have priced the Iran-Hormuz crisis as a passing shock, but oil futures are pricing a 22–25% premium over pre-crisis levels through year-end. One of those markets is wrong, and that gap is the most important signal in gold right now.
Why Gold Spikes Every Time Hormuz Opens — And Why It Never Holds

Every time the Strait of Hormuz briefly reopens, gold spikes. Every time, it reverses. It’s happened twice since February 28 — and it’s the same mechanism both times. Here’s why the spike never holds, and what would actually change it.
What Drives Gold Prices? 5 Forces Investors Are Watching Now

Gold peaked near $5,250 in early 2026 and has held firm through war, a Fed leadership crisis, and dollar weakness. Here are the five structural forces explaining why — and what they mean for investors.
