US-Iran Ceasefire Eases Global Tensions, Gold Prices Surge

NEW YORK. Global gold prices surged sharply, reaching the highest level in nearly three weeks on Wednesday (8/4/2026), as geopolitical tensions eased following the United States and Iran agreeing to a temporary ceasefire.
This sentiment immediately pressured the US dollar and oil prices, while boosting gold's appeal as a safe-haven asset.
In the spot market, gold prices rose 1.6% to US$ 4,779.19 per ounce in US morning trading. During the same session, prices briefly jumped more than 3% to hit the highest level since March 19.
Meanwhile, US gold futures for June delivery strengthened 2.6% to US$ 4,805.90 per ounce.
The two-week ceasefire agreement mediated by Pakistan temporarily halted the six-week conflict between the US and Iran, which had previously shaken global energy supplies.
The easing of this conflict caused oil prices to fall below US$100 per barrel, reducing inflation concerns.
Marex analyst Edward Meir assessed that the easing of geopolitical tensions provides room for inflation pressure to decrease and opens opportunities for the US Federal Reserve to cut interest rates.
“This condition is a positive sentiment for gold,” he said.
However, he warned that the situation remains fragile and highly dependent on ongoing negotiations. “The market could reverse if this agreement fails to hold,” he added.
In addition to geopolitical factors, the weakening of the US dollar against major world currencies also pushed up gold prices. A weaker dollar makes gold cheaper for global investors, increasing demand.
Interestingly, this rally comes after gold prices had fallen more than 9% since late February, when energy price spikes triggered inflation fears and pressured expectations of interest rate cuts.
Market participants are now awaiting the minutes of the US Federal Reserve (The Fed) meeting held on March 17-18, which will be released tonight US time. At that meeting, the Fed maintained interest rates in the range of 3.50%–3.75%.
Additionally, important inflation data such as the Consumer Price Index (CPI) and the PCE index will be released soon and could influence market direction.
The gains were not limited to gold. Silver prices jumped 4.9% to US$ 76.44 per ounce, platinum rose 4.9% to US$ 2,054.10, and palladium soared 9.1% to US$ 1,603.13 per ounce.
Overall, commodity markets are now in a sensitive phase, supported on one side by the easing of conflict, but still shadowed by uncertainty over monetary policy directions and global geopolitical stability.#TrumpAgreesToTwoWeekCeasefire #CryptoMarketRecovery