Gold futures rise as tensions in the Middle East ease.

Analysts say that as tensions ease in the Middle East, gold futures are on the rise. Vivek Dhar from the Commonwealth Bank of Australia stated in a research report, "Trump's announcement of temporarily shelving a US-led plan to provide safe passage for ships through the Strait of Hormuz has eased the tensions mentioned above." The analyst mentioned that since gold hit an intraday high of $5,422 per ounce on March 2nd, the trend of gold futures has mostly been opposite to the direction of Middle East tensions. Dhar added, "The rise in gold prices may be influenced by hopes for any ceasefire in the Middle East, expectations of interest rate cuts reflected in the weakening global growth market due to high energy prices, and concerns about the independence of the Federal Reserve." Spot gold is up 1.5% to $4,625.28 per ounce.