The Strait of Hormuz reopened on April 17, allowing Iran's foreign ministry to remain completely open for the remaining period of ceasefire for all commercial vessels. This move was seen as a significant boost for gold due to geopolitical relief over the Strait's reopening. The reopening of the Strait did not immediately impact gold's demand, but also broader market expectations, including that of the Federal Reserve (Fed) and the fall in oil prices, which reduced inflation fears and allowed the Fed to ease its stance on reducing interest rates. The MSCI World Index recorded its third consecutive weekly gain of 3% or more, suggesting markets were broadly absorbing the news as a positive. Despite this, there are concerns that the Strait may become more restrictive if conditions on passage become more stringent, which could change the calculus for gold again. The direction of gold will depend on whether the ceasefire holds, how far yields and the dollar continue to fall, and whether investors become more convinced of the Fed's imminent cut rates. Goldman Sachs targets for gold remain high and Deutsche Bank targets $5,400, while Goldman holds a $6,600,000 long-term target.