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(Bloomberg) — Gold regained some ground after a two-day decline, as US President Donald Trump extended a ceasefire with Iran and allowed more time to arrange fresh peace talks.
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Bullion rose as much as 1.1% to above $4,770 an ounce, after falling more than 2% in the previous session. Trump said he would hold off on further strikes until Iran submits a new proposal “and discussions are concluded, one way or the other.” But the Strait of Hormuz remained closed to shipping, with Iran saying it won’t reopen the vital waterway while the US maintains its own blockade of vessels coming to and from the Islamic Republic.
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Oil fell on Wednesday, with Brent close to $100 a barrel, while a gauge of the dollar reversed a gain in the previous session to slip 0.3%, making gold that’s priced in the US currency more affordable. On Tuesday, US Vice President JD Vance scrapped a trip to Islamabad for planned peace talks after Iran informed the US it wouldn’t attend the negotiations.
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Now in its eighth week, the war in the Middle East has triggered an unprecedented energy-supply shock that has heightened inflationary risks, making central banks more likely to hold interest rates steady or even raise them — a headwind for non-yielding bullion.
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Gold has lost around 10% since the conflict began but in recent weeks has moved within a relatively narrow range. That’s a sign the market “has largely priced in the current level of geopolitical risk and is now demanding either a clear escalation, or a decisive shift in macro conditions to justify a re-rating,” said Ahmad Assiri, an analyst at Pepperstone Group Ltd.
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Bullion was also weighed down by Kevin Warsh’s pledge to act independently if confirmed as the next Federal Reserve chair. In testimony before the Senate Banking Committee on Tuesday, Trump’s pick to lead the US central bank said a new framework was needed to deal with persistent inflation, without being more specific.
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Investors expect Warsh – known for his hawkish stance on inflation – to pursue a measured approach to lowering borrowing costs rather than the more aggressive rate cuts urged by Trump.
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Spot gold rose 1% to $4,766.95 an ounce at 1:56 p.m. in Singapore. Silver climbed 2.4% to $78.59 an ounce, while platinum and palladium also advanced.
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