Business · CNBC Technology
Gold passes nearly three-week high after U.S.-Iran ceasefire
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Gold scaled nearly a three-week peak on Wednesday, as the U.S. dollar and oil prices fell after Washington and Tehran agreed to a two-week truce in their war, calming inflation worries.
Key facts
- Spot silver jumped 4.9% to $76.44 per ounce, platinum gained 4.9% to $2,054.10 and palladium added 9.1% to $1,603.13
- The minutes of the Federal Reserve's March 17-18 meeting are due to be released at 2 p.m
- U.S. gold futures for June delivery gained 2.6% to $4,805.90
- The Fed held its policy interest rate steady in the 3.50%-3.75% range at that meeting
Summary
Spot gold was up 1.6% at $4,779.19 per ounce. U.S. gold futures for June delivery gained 2.6% to $4,805.90. "But it's still tenuous. The U.S. and Iran agreed to a two-week ceasefire brokered by Pakistan, suspending a six-week-old war that has killed thousands, spread across the Middle East and caused unprecedented disruption to the world's energy supplies.