Overview
- Spot gold climbed roughly 2–3% to about $4,660–$4,710 per ounce Wednesday, with silver up 4–6% into the mid‑$70s in the latest session.
- Prices rebounded after President Trump on Tuesday paused U.S. naval ship‑escort plans in the Strait of Hormuz, citing progress in talks with Iran toward a possible agreement.
- A weaker dollar and easing oil prices added support by making dollar‑priced bullion cheaper for overseas buyers and by reducing the inflation pressure that had recently hurt metals.
- Analysts warned the bounce could fade, noting reports of an attacked cargo vessel near Hormuz and pointing to Friday’s U.S. jobs report as a test for interest‑rate expectations.
- The rally follows a 10–12% gold slide since late February, when higher oil and rising Treasury yields strengthened the case for higher‑for‑longer rates and dulled demand for non‑yielding assets.