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Economy
Gold prices rose on Wednesday to their highest level in about two weeks, driven by Donald Trump's statements about the possibility of the war with Iran ending within two to three weeks.
Spot gold climbed 1.01% to $4,714.71 per ounce, while US gold futures for April delivery rose 1.31% to $4,739.70.
As for other precious metals, spot silver fell 0.8% to $74.53 per ounce, platinum rose 0.7% to $1,963.22, and palladium gained 0.6% to $1,484.84.
Edward Meir, analyst at Marex, said that the circulating news about the possibility of the United States ending the war within two to three weeks had renewed momentum in US equity markets and contributed to rising gold prices, even if the reopening of the Strait of Hormuz remains uncertain.
US President Donald Trump indicated that Tehran is not required to conclude a prior agreement as a precondition for de-escalation, adding that he would present the latest developments related to Iran in an address to the nation at 01:00 GMT on Thursday.
In light of these expectations, global equity and bond markets saw notable rises driven by speculation about easing tensions in the Middle East.
By contrast, gold fell more than 11% in March, marking its largest monthly decline since October 2008, as expectations of monetary tightening increased alongside a rising dollar as a safe haven since the outbreak of the war with Iran on February 28.
Traders had also largely ruled out the possibility of US rate cuts during the current year, after expectations had previously pointed to two cuts before the war broke out.
Gold prices typically rise in an environment characterised by lower interest rates, given that it is a non-yielding asset.
