The Iran truce revives metals.. Gold stabilizes near $4,800, and silver jumps 6%
Gold prices stabilized today, Wednesday, near their highest level in about 3 weeks, amid a sharp decline in prices Oiland the dollar after the United States and Iran agreed to a two-week ceasefire.
It reached Other precious metals Spot silver jumped 5.9% to $77.22 an ounce, platinum rose 5.4% to $2,063.50, and palladium jumped 8.3% to $1,592.40.
The price of gold has fallen 10% since the United States and Israel launched attacks on Iran on February 28. Although the metal is seen as a hedge against inflation, rising interest rates are negatively impacting this non-yielding asset.
Investors currently place a 43% chance of at least one rate cut by the end of the year, compared to 14% the day before, according to the Chicago Mercantile Exchange’s FedWatch tool.
Traders are also awaiting the minutes of the US Federal Reserve’s March monetary policy meeting, which will be released later in the day.
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