International gold and silver prices rose on Friday following Iran's announcement that it would reopen the Strait of Hormuz.
On Friday morning, June gold futures on the New York Mercantile Exchange went up by nearly 2 percent and May silver futures shot up by more than 4 percent.
Analysts say that Iran's announcement triggered a sharp drop in international oil prices, which will help alleviate inflationary pressures in the short term while boosting market sentiment and weakening demand for the U.S. dollar.
As the dollar weakened and oil prices plummeted, gold and silver prices rose sharply.
Iranian Foreign Minister Seyed Abbas Araghchi said Friday in a post on social media platform X that the passage for all commercial vessels through the Strait of Hormuz is declared completely open for the remaining period of the ceasefire, in line with the ceasefire in Lebanon.
Gold, silver gain as Iran declares to reopen Strait of Hormuz
Gold, silver gain as Iran declares to reopen Strait of Hormuz
Gold, silver gain as Iran declares to reopen Strait of Hormuz
Officials and exhibitors from Canada on Monday hailed the important role of the China International Consumer Products Expo (CICPE) in promoting international trade, saying it serves as a great platform for Canadian authorities and businesses to better understand Chinese consumers and market trends.
Canada is the Guest Country of Honor at the CICPE 2026, or the six CICPE.
The event, held in Haikou City of south China's tropical island province of Hainan from April 13-18, served as a key gateway for around 40 Canadian companies to access China's vast consumer market, with exhibitors showcasing a diverse range of products from premium cosmetics and health products to agriculture and pet food.
RJ Sigurdson, Minister of Agriculture and Irrigation of western Canada's Alberta province, said the expo helped him to understand the current market trends.
"It's really important for me to see what the market trends are here and to be able to maximize on those market trends. We're here to be able to have those conversations and see how we can be a better trading partner, and how we're going to be able to flow our high quality agricultural commodities into this country," said the minister.
Ji Hualei, a Canadian exhibitor who is launching a new wearable device at the expo, expressed his confidence in China's market potential.
"We have observed a clear shift of Chinese consumers' focus from one specific function of products to healthiness and sustainability. The CICPE provides an excellent platform for showcasing and launching our new products, and I think Hainan's zero-tariff policy will also offering us great resources," said the exhibitor.
Attending an event at the Canada Pavilion, Canada's Minister of International Trade Maninder Sidhu said more efforts will be made to boost trade and exchanges between his country and China.
"Very important for us to be at the show. As the Chinese consumer market grows, we're exploring more options to get more flights between China and Canada to build more people to people ties, and more tourism between the two countries," said Sidhu.
This year's CICPE is the first national-level consumer expo since the launch of island-wide special customs operation in the Hainan Free Trade Port in December 2025, drawing participation of more than 3,400 brands from over 60 countries and regions.
Since its launch in 2021, the expo has become an important platform for multinationals to stay abreast of consumer trends in China's vast market, with over 3,800 enterprises and more than 12,000 brands from 92 countries and regions participating over the past five editions.
Canadian officials, exhibitors hail role of Hainan consumer products expo in trade promotion
