Global Gold Prices Soar After Iran Accuses US of Breaching Ceasefire
The conflict in the Middle East has heated up again after Iran accused the United States of breaching the ceasefire agreement that had previously been mutually approved. The escalation of the war has triggered a rapid surge in gold prices.
US President Donald Trump stated that his side had approved a two-week ceasefire, which is hoped to pave the way for long-term peace. This agreement succeeded in calming market volatility as market sentiment tended to shift to relatively positive.
“We accepted Iran’s 10-point proposal, and we view it as a workable basis for negotiations. Almost all previous points of contention have been agreed between the United States and Iran, but this two-week period will allow the agreement to be finalised and resolved,” Trump said.
According to KITCO News, the latest spot gold price was traded at US$4,809.20, or approximately Rp82.19 million (estimated exchange rate of Rp17,090 per US dollar) per ounce at the close of trading on Wednesday, 8 April 2026. That price reflects a rise of more than 2% in a single trading session.
Analysts stated that gold needs to break through the US$4,800 level to attract further buying interest from investors. Meanwhile, the psychological level of US$5,000 per ounce becomes the next crucial barrier.
Silver prices also soared by more than 4%, breaking through the US$76 level or approximately Rp1.29 million per ounce.
The tensions from the US-Iran war conflict also drove up global oil prices. Brent crude for June delivery rose 2.08% to US$96.83, while West Texas Intermediate (WTI) for May delivery jumped 2.86% to US$97.27.
In its latest report, commodity analysts from BMO Capital Markets see potential for further increases in gold and silver as long as positive sentiment from conflict developments continues. In addition to geopolitical factors, the outlook for interest rate cuts is driving gold prices.
“With speculative positions that had dropped significantly since the conflict began, precious metals now have a strong foundation to continue rising as long as the flow of positive news persists,” wrote BMO Capital Markets analysts.
Throughout March 2026, gold prices were recorded to have fallen by more than 11%, marking the worst monthly decline since the early 1980s. Pressure on precious metal assets arose because investors and central banks were forced to sell gold to meet liquidity needs.