June Gold futures rallied off their 50-day moving average to reach 4,917.70, marking their highest level since March 18 and positioning the contract for a 4th consecutive weekly gain. The precious metal is up over 54% for the trailing 12 months, structurally supported by central bank accumulation. Notably, China extended its buying streak to a 17th consecutive month, bringing official holdings to 2,313 tons. Gold's price action this week heavily reflected developments in the Strait of Hormuz, where an announced ceasefire and the reopening of the strait to commercial vessels sent oil prices lower and provided gold an additional bid as rate hike calculations eased.