Gold spot rose 2% to $4,801.35/oz and June futures jumped 3.1% to $4,828.55/oz after Trump announced a two‑week Iran ceasefire.
The Pakistan‑brokered ceasefire, tied to Iran reopening the Strait of Hormuz, sent oil prices down more than 15% and weakened the U.S. dollar index.
Investors now eye the U.S. March CPI report, with inflation expectations rising amid higher fuel costs and possible Fed rate persistence.
Gold’s safe‑haven appeal resurfaced after last month’s pressure from oil‑driven inflation concerns.