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2026-04-08 11:27:22
[Ceasefire Boosts Risk Sentiment, Gold Rebounds to Nearly Three-Week High] 1. Spot gold rose more than 3% on Wednesday, hitting a high of $4,856, its highest level since March 19, before narrowing its gains to 2%, trading around $4,800 per ounce. Trump's announcement of a two-week ceasefire agreement with Iran before the deadline eased market concerns about energy-driven inflation. 2. Iran's Supreme Security Council stated that it has submitted a 10-point proposal to the United States, and negotiations will begin on Friday in Islamabad, but the negotiations do not signify the end of the war. A Dallas Fed research report suggests that if global oil trade is disrupted for an extended period, the overall US inflation rate could rise above 4% by the end of the year. 3. Independent precious metals traders said this was a conditioned reflex of relief, and it remains to be seen whether Iran will abide by its commitments. For gold, the 200-day moving average at $4,930 and the $5,000 level are key resistance levels. 4. Since the outbreak of the conflict with Iran on February 28, gold prices have fallen by more than 20%, but the decline has now narrowed to around 9%. Markets are awaiting the release of the Federal Reserve's March meeting minutes later today.
