Overview
- Spot gold rose about 2% to roughly $4,650–$4,663 on Wednesday after ceasefire signals and a weaker dollar lifted demand.
- President Trump paused the U.S. effort to escort ships through the Strait of Hormuz, saying talks with Iran had made “great progress.”
- Defense Secretary Pete Hegseth and Secretary of State Marco Rubio said the month-old ceasefire is holding, and analysts warned the rally could fade if tensions flare again.
- Silver outpaced gold, climbing to about $75–$76 per ounce as the dollar fell about 0.5%, which makes U.S.-priced metals cheaper for overseas buyers.
- Bond traders increased bets on a Federal Reserve rate hike, which could cap further gains, with the U.S. jobs report later this week in focus.