Gold price surged more than 3%, Trump and Iran previously agreed to cease-fire for two weeks.

Gold prices surged as the United States President Donald Trump and Iran reached a ceasefire agreement for two weeks to finalize negotiations to end the war that disrupted the global markets. The price of gold briefly rose by 3.1%, breaking through $4,850 per ounce, following a 1.2% increase from the previous trading day. Trump stated on social media that he agreed to pause bombings and added that reopening the Strait of Hormuz was a key condition for the ceasefire. Iran indicated that it was "possible" to safely pass through the strait within the two-week period. Oil prices dropped below $100 per barrel, and the US dollar weakened, supporting the price of gold priced in dollars. The stock market also surged by over 2%. Ahmad Assiri, a strategist at Pepperstone Group Ltd., mentioned that the gold price surpassing $4,800 reflects a readjustment of risk appetite rather than a complete paradigm shift. Spot gold rose by 3% to $4,849.01 per ounce. Silver prices briefly rose by 5.4% to $76.92 per ounce. Platinum and palladium prices also increased.