Gold prices rose during trading on Wednesday, supported by a reassessment by markets of geopolitical risks following US President Donald Trump's announcement of a two-week suspension of military operations against Iran.
Gold futures for June delivery rose 3.6%, or $169.70, to $4,854.40 an ounce, after touching $4,888 during trading.
The spot price of gold also rose by 2.7% to $4,832.53 per ounce, while silver climbed by about 6.2% to trade at $77.518 per ounce.
In contrast, the US dollar index—which measures the currency’s performance against a basket of six major currencies—fell by more than 1% to 98.82 points.
Silver futures for May delivery rose 7.6% to $77.47 an ounce, platinum climbed 4.3% to $2,045.73, and palladium rose 5.5% to $1,552.98.
Markets are awaiting the release of the minutes from the Federal Reserve's March monetary policy meeting later today, looking for further clues about the direction of monetary policy in the United States.