US-Iran Ceasefire Eases Global Pressure, Gold Prices Jump

NEW YORK. Global gold prices surged sharply and touched the highest level in nearly three weeks on Wednesday (8/4/2026), as geopolitical tensions eased after the United States and Iran reached an agreement on a temporary ceasefire.

This sentiment immediately weighed on the US dollar and oil prices, while boosting gold’s appeal as a safe-haven asset.

In the spot market, gold prices rose 1.6% to US$4,779.19 per ounce in US morning trading. Moreover, in the same session, prices briefly jumped more than 3% to reach the highest level since March 19.

Meanwhile, US gold futures for June delivery gained 2.6% to US$4,805.90 per ounce.

The two-week ceasefire agreement, mediated by Pakistan, temporarily halted the six-week conflict between the United States and Iran, which had previously shaken global energy supplies.

With the conflict easing, oil prices fell below US$$100 per barrel, while also reducing inflation concerns.

Marex analyst Edward Meir said that the easing of geopolitical tensions creates room for inflation pressure to ease and opens up opportunities for the US central bank to cut interest rates.

“This situation becomes a positive sentiment for gold,” he said.

However, he reminded that the situation is still fragile and highly dependent on the ongoing negotiation process. “The market could reverse if this agreement fails to hold,” he added.

Besides geopolitical factors, the weakening of the US dollar against major world currencies also pushed up gold prices. A weaker dollar makes gold cheaper for global investors, increasing demand.

Interestingly, this rally comes after gold prices had fallen by more than 9% since late February, when a surge in energy prices sparked inflation concerns and weighed on expectations for rate cuts.

Market participants are now waiting for the minutes of the US Federal Reserve meeting (The Fed) held on March 17–18, which will be released tonight in US time. At that meeting, the Fed kept interest rates in the range of 3.50%–3.75%.

In addition, key inflation data such as the Consumer Price Index (CPI) and the PCE index will also be released soon and could affect the direction of the market.

Gains were not limited to gold. Silver prices jumped 4.9% to US$76.44 per ounce, platinum rose 4.9% to US$2,054.10, and palladium surged 9.1% to US$1,603.13 per ounce.

Overall, the commodities market is now moving into a sensitive phase: on one hand, supported by the easing of conflicts; on the other hand, still shadowed by uncertainty over monetary policy direction and global geopolitical stability.