Gold prices rose to near $4,600 an ounce on Wednesday, posting gains for the second consecutive session, as signs of easing tensions in the Middle East led to lower oil prices and helped alleviate inflation concerns.
US Defense Secretary Pete Hegseth indicated that the ceasefire, which was reached about a month ago, is still in place, while Secretary of State Marco Rubio confirmed the end of offensive operations, with the United States moving towards securing shipping lanes in the Strait of Hormuz.
For his part, President Donald Trump announced a temporary suspension of US-led efforts to help stranded ships leave the Strait of Hormuz, to allow time to assess the possibility of reaching an agreement with Iran to end the dispute. However, the embargo on ships traveling to and from Iranian ports will remain in place.
Despite this recent rise, gold has been under significant selling pressure since the outbreak of the conflict, as rising energy prices have contributed to increased inflation fears and reinforced expectations that central banks may keep interest rates high for longer, or even move towards further monetary tightening.