Gold prices advanced for a fourth consecutive day in European trading on Wednesday, helped by a softer U.S. dollar as investors evaluated signals that the conflict between the United States and Iran could move toward a resolution.
Spot gold gained 1.6% to $4,742.67 per ounce by 07:20 ET (11:20 GMT), while U.S. gold futures rose 2.0% to $4,770.80.
The precious metal had surged 3.5% in the previous session as the dollar weakened, though it still recorded a decline of more than 11% for the month of March.
Trump says U.S. could leave Iran conflict within 2–3 weeks
Gold’s latest gains followed remarks from U.S. President Donald Trump, who said Washington could withdraw from the Iran conflict within “two to three weeks.” The statement raised hopes that the war, which has lasted more than a month, could soon de-escalate. However, uncertainty about the timeline and the terms of any settlement continued to keep markets cautious.
In Tehran, state media reported that President Masoud Pezeshkian said Iran is willing to bring the conflict to an end, while reiterating several key demands, including assurances that the country would not face further attacks.
A weaker U.S. dollar also provided support to bullion prices, as it makes gold cheaper for investors using other currencies. The U.S. dollar index, which tracks the greenback against a basket of major currencies, was last down 0.5%.
Expectations that tensions could ease also helped push oil prices, which remain elevated after weeks of conflict, slightly lower. That development eased some fears that a spike in energy costs could fuel inflation and potentially prompt central banks to raise interest rates. Gold, which does not pay interest, often struggles in environments where rates are rising.
Investors are now watching upcoming U.S. economic releases, particularly Friday’s nonfarm payrolls report, for further clues about the direction of monetary policy and currency markets.
Among other precious metals, silver slipped 0.4% to $74.85 per ounce, while platinum rose 1.2% to $1,976.83 per ounce.
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