Gold rises 2% to settle above $4,700

Gold futures for June delivery gain 3.6% to $4,854.40 an ounce

Gold and silver prices rose on Wednesday, supported by a weaker dollar and renewed expectations of monetary easing in the US this year, following a US–Iran ceasefire agreement.

June gold futures increased 1.97%, or $92.50, to $4,777.20 per ounce.

Silver also advanced, with April futures jumping 4.73%, or $3.398, to $75.224 per ounce, ending a three-session losing streak.

Precious metals were supported by optimism over a potential peace deal between the US and Iran, after both sides agreed to a two-week ceasefire and to begin direct talks aimed at ending the conflict.

The easing tensions reduced fears of rising inflationary pressures from an energy shock linked to potential disruptions in the Strait of Hormuz, prompting markets to price in possible Federal Reserve rate cuts this year after the war had previously dampened easing expectations.