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Why Gold Fell on the Hormuz Tanker Strike

Satellite view of the Strait of Hormuz — the chokepoint at the center of the gold price Hormuz tanker strike story.

The gold price dropped on May 4, 2026, as a tanker was struck in the Strait of Hormuz and ISM Prices Paid hit 84.6 — the worst cost-inflation reading since April 2022. Gold barely moved. Here’s what that non-reaction tells investors about where the structural floor really is.

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