New york: Gold prices today rallied to their highest level in nearly three weeks as markets recalibrated near-term risks following US President Donald Trump's announcement that he had agreed to a two-week ceasefire with Iran, easing inflationary fears tied to surging energy costs. Spot gold climbed 2.3 percent to $4,812.49 per ounce, after earlier surging more than 3 percent during the session to reach its highest level since 19 March 2026. US gold futures for June delivery advanced 3.4 percent to $4,841.60 per ounce.

According to Oman News Agency, Trump said he had approved a two-week halt to hostilities, adding that Washington had received a ten-point proposal from Tehran, which he described as a workable basis for negotiation. The announcement followed Trump's previous deadline demanding Iran reopen the Strait of Hormuz or face a sweeping US assault on its infrastructure.

Iran's Supreme National Security Council noted that negotiations with the United States would begin on 10 April 2026 in Islamabad, after Tehran submitted a proposal brokered by Pakistan. However, it cautioned that the talks do not signify an end to the war.

Gold, which opened the year on a strong footing, has shed more than 8 percent since the outbreak of war with Iran on 28 February 2026. Among other precious metals, spot silver jumped 4.9 percent to $76.48 per ounce, platinum added 3.2 percent to $2,020.57 per ounce, and palladium rose 4.1 percent to $1,529.35 per ounce.