Gold climbed for a fourth straight session in Asian trading on Wednesday, supported by a softer U.S. dollar and market reaction to comments that raised the prospect of the U.S. and Iran moving toward an end to the current conflict.
Market moves
Spot gold was last up 0.6% at $4,694.16 an ounce by 21:35 ET (01:35 GMT). U.S. Gold Futures rose 1% to $4,724.55. The metal had jumped 3.5% in the prior session as the dollar retreated, though it had posted a decline of more than 11% for March.
Political signals
Prices received support after U.S. President Donald Trump said Washington could exit the Iran conflict within "two to three weeks." Those remarks increased expectations for a potential de-escalation, but market participants remained guarded because the timing and specifics of any withdrawal were unclear.
Iranian state media also reported comments from President Masoud Pezeshkian indicating Tehran was prepared to end the war, while reiterating core demands such as guarantees against future attacks. Together, the statements from both sides lent momentum to bullion, even as uncertainties persisted.
Dollar and trade risk dynamics
A softer dollar helped bullion's appeal to buyers outside the United States. The US Dollar Index edged down 0.1% in Asian hours after a 0.6% decline in the previous session, easing some of the pressure on metals priced in dollars.
Yet gains in gold were capped by reports that Trump was prepared to end the U.S. military campaign even if the Strait of Hormuz remained largely closed. That scenario underscored ongoing risks to global trade and kept a floor under market optimism.
Other metals
Among other precious metals, silver fell 1.1% to $74.35 per ounce, while platinum climbed 1% to $1,972.06 per ounce.
Context and caution
Gold's move this week follows a period of pronounced volatility. Prices had been recovering from a sharp downturn in March that was driven by a firmer dollar and changing expectations around U.S. interest rates. While recent political remarks have supported bullion, investors are treating the situation with caution due to unresolved conditions that would govern any de-escalation.
Note: Time-stamped prices reflect quoted levels as of 21:35 ET (01:35 GMT) on the day reported.