#goldrisesforthirdday Gold extended its rally for a third consecutive session, with spot gold ($XAU) climbing to around $4,127, up 1.8%, while silver surged above $61 per ounce. Although geopolitical tensions remain in focus, the latest advance appears to be driven more by changing interest-rate expectations than by traditional safe-haven demand. Reports of progress toward reopening shipping through the Strait of Hormuz have eased concerns over oil supply disruptions, helping to lower crude oil prices and reduce inflation expectations. A softer inflation outlook could lessen pressure on the Federal Reserve to keep interest rates elevated, improving the appeal of non-yielding assets such as gold and silver. As a result, investors are increasingly viewing the precious metals rally as a "rates trade" fueled by expectations of easier monetary policy rather than a direct response to geopolitical risk. Going forward, inflation data and Federal Reserve guidance are likely to remain the key catalysts for the next move in precious metals.