Gold pure gold bar models captured in Shanghai, China on March 15, 2026.
Cfoto | Future Publishing | Getty Images
Gold scaled nearly a three-week peak on Wednesday, as the U.S. dollar and oil prices fell after Washington and Tehran agreed to a two-week truce in their war, calming inflation worries.
Spot gold was up 1.6% at $4,779.19 per ounce. Earlier in the session, bullion rose more than 3% to its highest since March 19.
U.S. gold futures for June delivery 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,” said 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 U.S. and Iran agreed to a two-week ceasefire brokered by Pakistan, suspending a six-week-old war that has killed thousands, spread across the Middle East and caused unprecedented disruption to the world’s energy supplies.
Oil prices fell below $100 a barrel on the news.
Meanwhile, the U.S. dollar fell against a basket of major currencies, making greenback-priced bullion more affordable for other currency holders.
Spot gold has declined more than 9% since the start of the U.S.-Israeli war against Iran on February 28, as higher energy prices stoked inflation concerns and prompted investors to scale back rate-cut hopes. Elevated interest rates tend to pressure the non-yielding metal despite it being an inflation hedge.
The minutes of the Federal Reserve’s March 17-18 meeting are due to be released at 2 p.m. EDT. The Fed held its policy interest rate steady in the 3.50%-3.75% range at that meeting. U.S. inflation indicators, including the Personal Consumption Expenditures Price Index for February and Consumer Price Index for March, are due to be released 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.