Gold hits nearly three-week high after US-Iran ceasefire
Gold pure gold bar fashions captured in Shanghai, China on March 15, 2026.
Cfoto | Future Publishing | Getty Images
Gold scaled nearly a three-week peak on Wednesday, because the US greenback and oil costs fell after Washington and Tehran agreed to a two-week truce of their conflict, calming inflation worries.
Spot gold was up 1.6% at $4,779.19 per ounce. Earlier within the session, bullion rose greater than 3% to its highest since March 19.
US gold futures for June supply gained 2.6% to $4,805.90. “The ceasefire is calming markets and easing pressure. It could help roll back some inflationary pressures and might open the door for Fed rate cuts, which is bullish for gold,” stated Edward Meir, a Marex analyst.
“But it’s still very tenuous. There are so many elements that need to be negotiated. They could easily unravel, and it could be a short-term recovery in all the markets. We’re still not out of the woods,” he added.
The US and Iran agreed to a two-week ceasefire brokered by Pakistan, suspending a six-week-old conflict that has killed 1000’s, unfold throughout the Middle East and induced unprecedented disruption to the world’s vitality provides.
Oil costs fell beneath $100 a barrel on the information.
Meanwhile, the US greenback fell towards a basket of main currencies, making greenback-priced bullion extra reasonably priced for different forex holders.
Spot gold has declined greater than 9% because the begin of the US-Israeli conflict towards Iran on February 28, as increased vitality costs stoked inflation issues and prompted buyers to reduce rate-cut hopes. Elevated rates of interest are inclined to stress the non-yielding metallic regardless of it being an inflation hedge.
The minutes of the Federal Reserve’s March 17-18 assembly are as a consequence of be launched at 2 pm EDT. The Fed held its coverage rate of interest regular within the 3.50%-3.75% vary at that assembly. US inflation indicators, together with the Personal Consumption Expenditures Price Index for February and Consumer Price Index for March, are as a consequence of be launched later this week.
Spot silver jumped 4.9% to $76.44 per ounce, platinum gained 4.9% to $2,054.10 and palladium added 9.1% to $1,603.13.
