Gold prices rose for a fourth straight session in Asian trading on Wednesday, supported by a weaker dollar, as investors weighed signals that the U.S. and Iran could move toward ending the Middle East conflict.
Spot gold was last up 1.1% at $4,718.96 an ounce by 03:12 ET (07:12 GMT). U.S. Gold Futures climbed 1.4% to $4,743.60.
Gold jumped 3.5% in the previous session as the U.S. dollar retreated, but declined over 11% for March.
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Trump says US could exit Iran within 2-3 weeks Prices were supported after U.S. President Donald Trump said Washington could exit the Iran conflict within “two to three weeks.”
The comments raised expectations of a potential de-escalation, but uncertainty over the timing and conditions of any agreement kept investors cautious.
On the Iranian side, state media reported that President Masoud Pezeshkian said Tehran was ready to end the war, while reiterating key demands including guarantees against future attacks.
A softer U.S. dollar also lent support to gold, making the metal more attractive to overseas buyers.
The US Dollar Index fell 0.4% in Asian hours after declining 0.6% in the previous session.
Homruz closure risks remain However, gains were capped by reports that Trump was willing to end the U.S. military campaign even if the Strait of Hormuz remains largely closed, highlighting persistent risks to global trade.
The White House said President Trump would address the nation at 0100 GMT on Thursday to provide an “important update on Iran."
Investors are also looking ahead to upcoming U.S. economic data, including the nonfarm payrolls report on Friday, for further direction on monetary policy and currency markets.
Among other precious metals, silver edged down 0.4% to $74.85 per ounce, while platinum climbed 1.2% to $1,976.83/oz.
Benchmark Copper Futures on the London Metal Exchange edged up 0.3% to $12471.58 a ton, while U.S.Copper Futures were muted at $5.64 a pound.
