Gold rises to near three-week high as Trump pauses attacks on Iran

Gold prices climbed to a near three-week ‌high on Wednesday as markets reassessed near-term risks after US President Donald Trump agreed to suspend bombing and attacks on Iran for two weeks, easing fears of energy-driven inflation. Spot gold was up 2.3% at $4,812.49 per ounce, ​as of 0215 GMT. Earlier in the session, bullion rose more than 3% to ​its highest level since March 19. US gold futures for June delivery gained 3.4% ⁠to $4,841.60. Trump said Washington had agreed to a two-week pause in attacks and had received a 10-point ​proposal from Iran what he described as a workable basis for negotiations. His comments followed earlier warnings ​that Tehran must reopen the Strait of Hormuz or risk U.S. retaliation. “This is a knee-jerk relief rally and it remains to be seen if Iran complies. For gold, the 200 day-moving-average at $4,930 and then $5,000 will be key ​hurdles. Similarly, $80-$81 is a important level for silver,” independent metals trader Tai Wong said. Pakistan, which ​has been mediating between Washington and Tehran, requested the two-week extension to give diplomacy time to proceed.