Overview
- Spot gold, which jumped Wednesday to roughly $4,650–$4,700 an ounce, rose about 2–3% as silver gained 4–6% on signs of progress toward a U.S.–Iran deal and a softer dollar.
- President Trump paused the U.S. ship‑escort effort on Tuesday citing “great progress” toward an Iran agreement, and senior officials said a month‑old ceasefire is holding even after recent skirmishes.
- Oil prices eased as deal hopes grew, which reduced the inflation worries that had pushed up Treasury yields and weighed on non‑yielding gold earlier in the conflict.
- Traders cautioned that the setup remains fragile after reports of a cargo vessel struck near the Strait of Hormuz, and they said this week’s U.S. jobs report could shift interest‑rate expectations.
- Gold is still more than 10% below its late‑February level during the conflict’s selloff, and light positioning means fresh institutional flows and upcoming data could decide whether gains stick.