Gold prices climbed Wednesday as oil weakened following the U.S. ceasefire extension with Iran, easing inflation concerns. Spot gold rose 0.6% to $4,739.94 per ounce while June futures gained 0.8% to $4,758.60. The geopolitical development reduced safe-haven demand pressures while softer energy prices alleviated expectations of sustained inflation and higher interest rates. Meanwhile, Federal Reserve nominee Kevin Warsh assured senators he would maintain independence from White House pressure on rate decisions, despite Trump's public calls for immediate cuts. Silver, platinum, and palladium also advanced, with silver rising 1% to $77.47. Swiss gold exports surged 30% month-on-month in March, driven by increased shipments to Britain and China. U.S. retail sales exceeded expectations, supported by tax refunds and gasoline price increases.
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