Gold Recovers After Two-Day Drop as Trump Extends Iran Ceasefire
Summarize this article with:
59qqkz7kv7czwt(fy1q{tc[x_media_dl_1.png BloombergArticle content(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.Sign In or Create an AccountEmail AddressContinueor View more offersArticle contentBullion 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.Article contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Article contentArticle contentArticle contentOil 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.Article contentTop StoriesGet the latest headlines, breaking news and columns.There was an error, please provide a valid email address.Sign UpBy signing up you consent to receive the above newsletter from Postmedia Network Inc.Thanks for signing up!A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Article contentNow 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.Article contentGold 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.Article contentBullion 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.Article contentInvestors 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.Article contentSpot 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.Article contentTrending Canadian telecom Rogers goes into tailspin as price war heats up Telecom Solomon says U.S. recession risk could be 'one tweet away' PMN Business Posthaste: Canada's home prices have now been falling for four years — and haven't hit bottom yet News Toronto's condo market 'hits bottom' with some developers looking at selling units below cost Real Estate Canadian satellite startup NorthStar on track to hit US$300-million valuation after SPAC merger Innovation Share this article in your social networkCommentsYou must be logged in to join the discussion or read more comments.Create an AccountSign in Join the Conversation Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information. Canadian telecom Rogers goes into tailspin as price war heats up Telecom Solomon says U.S. recession risk could be 'one tweet away' PMN Business Posthaste: Canada's home prices have now been falling for four years — and haven't hit bottom yet News Toronto's condo market 'hits bottom' with some developers looking at selling units below cost Real Estate Canadian satellite startup NorthStar on track to hit US$300-million valuation after SPAC merger Innovation