Gold extended its rally for a fourth consecutive session in Asian trading on Wednesday, buoyed by a weaker dollar as investors assessed signs that the U.S. and Iran may be moving toward ending the Middle East conflict.
Spot gold rose 0.6% to $4,694.16 an ounce by 21:35 ET (01:35 GMT), while U.S. gold futures gained 1% to $4,724.55. The metal had surged 3.5% in the prior session alongside a retreat in the dollar, though it still posted a decline of more than 11% for March.
Prices found support after U.S. President Donald Trump indicated Washington could withdraw from the conflict within “two to three weeks,” fueling hopes of de-escalation. Still, uncertainty around the timing and terms of any agreement kept market sentiment cautious.
On Iran’s side, state media reported that President Masoud Pezeshkian signaled readiness to end the war, while maintaining key demands, including assurances against future attacks.
A softer dollar further underpinned gold by making it more appealing to overseas buyers, with the U.S. Dollar Index slipping 0.1% in Asian trading after a 0.6% drop in the previous session.
However, gains were limited by reports that Trump may halt the U.S. military campaign even if the Strait of Hormuz remains largely closed, underscoring ongoing risks to global trade.
Gold’s rise this week follows recent volatility, as prices rebound from a sharp March selloff driven by a stronger dollar and changing expectations for U.S. interest rates.
In other precious metals, silver fell 1.1% to $74.35 per ounce, while platinum advanced 1% to $1,972.06 per ounce.
Sources: Ayushman Ojha
THE ETERNAL SOVEREIGN 
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