Gold held gains on optimism that the US and Iran are seeking a negotiated settlement to the war, easing inflation concerns arising from an energy-supply shock.

Bullion was steady near $4,850 an ounce, having earlier risen as much as 0.6%. That followed an advance of more than 2% in the previous session as Washington and Tehran looked to arrange a second round of peace talks in the coming days, according to people familiar with the matter. US President Donald Trump said negotiations could resume “over the next two days,” the New York Post reported.

Oil steadied on Wednesday, while US equities surged on Tuesday and a gauge of the dollar fell 0.3%, supporting gold that’s priced in the American currency. A recent retreat in energy prices has relieved some of the inflationary pressure that has weighed on bullion since the war began more than six weeks ago.

Concern about rising consumer prices had led traders to bet that central banks will hold interest rates steady for longer or even hike them — a headwind for non-yielding bullion. Gold has fallen about 8% since the start of the conflict, with a liquidity squeeze in the early weeks of fighting leading investors to offload holdings and cover losses elsewhere.

“Beyond near-term liquidity needs, we expect gold to continue to rebuild its gains in the coming months amid heightened geopolitical risk” and trade tensions, analysts from Standard Chartered Plc including Sudakshina Unnikrishnan said in a note.

Adding to the uncertainty around global trade, US Treasury Secretary Scott Bessent said Trump’s tariffs could be restored by July to the levels in place before the Supreme Court struck down many of the levies. The president’s wide-ranging tariffs announced last year were a key supportive factor in gold’s rally to successive records.

Meanwhile, the situation in the Middle East remains fragile as a standoff persists around the Strait of Hormuz, the maritime chokepoint that links the Persian Gulf to global markets. The US is pressing ahead with a naval blockade to curb Iran’s oil exports, while Tehran is considering a short-term pause to shipments.

Even if the war were to end, disruption to energy supplies is likely to persist, with key energy infrastructure in the Gulf region having suffered damage from missile and drone strikes.

Spot gold edged up 0.1% to $4,846.70 an ounce at 10:00 a.m. Singapore time. Silver rose 1.2% to $80.50 an ounce, having added more than 5% on Tuesday. Platinum and palladium also advanced. The Bloomberg Dollar Spot Index was little changed.

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Published on April 15, 2026