2026.04.0818:39:46UTC+00Gold Pares Most Gains

Gold prices trimmed earlier gains but stayed in positive territory on Wednesday, holding above $4,700 per ounce, as traders continued to assess developments in the Middle East and their implications for the economic and monetary outlook. The United States and Iran agreed to a temporary two-week ceasefire that includes reopening the Strait of Hormuz and suspending US military strikes. In response, oil prices slumped, the US dollar weakened, and bond yields declined, all of which supported demand for bullion.

Still, some investors opted to take profits as risk appetite returned to global equity markets. At the same time, caution persisted amid reports of localized airstrikes in the region, underscoring the fragility of the Pakistan-brokered truce. Meanwhile, minutes from the FOMC’s March meeting indicated that policymakers were concerned that continued hostilities in the Middle East could fuel persistent inflation and potentially require additional rate hikes, even as they maintained expectations for a single rate cut this year.