Global Gold Prices Hit Near Three-Week High

NEW YORK - Global gold prices strengthened and touched a near three-week high during trading on Wednesday (8 April 2026) local time, as market concerns eased following the agreement between the United States (US) and Iran for a temporary ceasefire. Citing Reuters, at the close of Wednesday trading or Thursday (9 April 2026) morning WIB, the spot gold price rose 0.8% to $4,740.42 per ounce. In the previous session, gold even surged more than 3% to its highest level since 19 March 2026. The rise in gold prices occurred after the US dollar and oil prices weakened following the two-week ceasefire agreement between the US and Iran, which helped alleviate concerns about global inflation. “The ceasefire calms the markets and reduces pressure. This could help ease some inflationary pressures and potentially open the way for Federal Reserve rate cuts, which is a positive sentiment for gold,” said Marex analyst Edward Meir. However, he cautioned that the situation is still not fully stable. “The situation is still very fragile. Many things still need to be negotiated. This condition could easily change, and the market’s rise might only be temporary. We are not fully out of uncertainty yet,” he added. The two-week ceasefire between the US and Iran was mediated by Pakistan. However, while Israel and the US halted their attacks on Iran, Israel instead intensified its parallel war in Lebanon. On the other hand, the weakening US dollar also made gold cheaper for holders of other currencies, thereby increasing investor interest in the yellow metal. Although currently strengthening, gold prices are still down around 10% since the beginning of the US-Israel conflict against Iran on 28 February 2026. Previous rises in energy prices had triggered inflation concerns and pressured expectations for rate cuts. Minutes from the Federal Reserve meeting on 17-18 March 2026 showed that more policymakers are considering rate hikes to control inflation still above the 2% target, particularly due to the impact of the Iran war. Market participants are now awaiting the release of several US inflation data points this week, including the Personal Consumption Expenditures (PCE) index and Consumer Price Index (CPI), which could provide clues on future monetary policy direction. Other precious metals also strengthened, with silver prices jumping 3.3% to $75.35 per ounce, platinum rising 5.3% to $2,060.45 per ounce, and palladium gaining 7.6% to $1,581.33 per ounce.