Gold and silver prices jumped sharply on Wednesday after President Donald Trump announced a two-week ceasefire with Iran, halting planned U.S. military strikes.
Continuous gold futures rose 3.8% to $4,864.40 an ounce. Spot gold climbed 2.7% to $4,832.51 per ounce, its highest level since March 19.
Silver had an even stronger session. Silver futures were up 7.9%, while spot silver gained 6% to $77.38 per ounce. Platinum also rose 4.2% to $2,044.60 an ounce.
Trump posted on social media that the U.S. would suspend military action for two weeks. He said the U.S. had already met its core military objectives.
Trump Halts Iran Strikes for Two Weeks Amid Ceasefire Push
U.S. President Donald Trump said on Truth Social that, following discussions with Pakistani Prime Minister Shehbaz Sharif and Field Marshal Asim Munir, and conditional upon Iran’s agreement to the immediate, full, and… pic.twitter.com/npInV48tUR
— Wu Blockchain (@WuBlockchain) April 7, 2026
The announcement came less than two hours before an 8:00 p.m. ET deadline that markets had been watching closely. Earlier in the day, Trump had issued stark warnings about the consequences of non-compliance.
The ceasefire was brokered by Pakistan following last-minute diplomacy. It is conditional on Iran keeping the Strait of Hormuz open for shipping.
The Strait of Hormuz handles roughly 20% of global oil flows. Iran said it was conditionally willing to allow safe passage during the ceasefire period.
Trump also said the U.S. would help ease a traffic buildup in the Strait.
Oil prices fell more than 15% after the announcement. Risk assets rallied and the U.S. Dollar Index dropped nearly 1% in Asian trading on Wednesday.
A weaker dollar makes gold cheaper for buyers using other currencies, which typically supports prices.
Both gold and silver had actually been falling during the Iran conflict. Higher energy prices had raised inflation concerns, reducing expectations that the Federal Reserve would cut interest rates soon.
Precious metals like gold and silver don’t pay interest, so they tend to fall when rates are expected to stay high.
Investors are now watching Friday’s U.S. Consumer Price Index report for March. It is expected to show that headline inflation rose on a monthly basis, largely due to higher fuel costs.
That data could shape expectations for Federal Reserve policy in the coming months.
In industrial metals, copper futures on the London Metal Exchange rose 2.8% to $12,691.33 a ton. U.S. copper futures climbed 2.7% to $5.74 a pound.
Friday’s CPI report will be the first major data point showing how the recent energy price surge has affected broader inflation.
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