The oil price remains low; Brent crude oil is below $79 per barrel as the US and Iran hash out the details for reopening the Strait of Hormuz. Thus, a breakthrough could extend the recent pick up in the gold price. Since gold has no yield, when Treasury yields are falling it can boost the attractiveness of holding gold as an asset. The recent decline in the dollar is also boosting the gold price. Looking ahead, the gold price could be at risk if there is a stronger than expected payrolls report later this week.