Global Gold Prices Surge, US Dollar Weakness Provides Support
NEW YORK - Global gold prices closed stronger at the end of trading on Tuesday (14 April 2026) local time, or Wednesday (15 April 2026) morning WIB, propelled by the weakening US dollar and rising hopes for the continuation of negotiations between the United States (US) and Iran.
Citing Reuters, the spot gold price in the market rose 2% to $4,831.78 per ounce.
Meanwhile, the US gold futures contract closed up 1.7% at $4,850.10 per ounce.
The strengthening of gold prices occurred alongside the weakening US dollar and a decline in oil prices.
Additionally, the market responded to a statement from US President Donald Trump indicating that talks to end the conflict with Iran could resume in Pakistan in the coming days, following the failure of previous negotiations that triggered a blockade on Iranian ports.
“The direction of the gold market will depend on how the talks in Pakistan proceed and the extent of progress achieved ahead of the weekend. If there is positive news, metal prices will continue to rise,” said Senior Market Strategist at RJO Futures, Bob Haberkorn.
“A lower dollar and currently lower oil prices are helping gold, because when war starts, there is a scramble for cash and concerns about the ability to accumulate energy supplies,” he added.
On the economic data front, US producer inflation in March was recorded as increasing lower than expected, with service costs remaining unchanged.
However, the surge in energy prices due to the conflict with Iran continues to trigger inflationary pressures.
Although known as a hedge against inflation, gold tends to be less attractive in a high interest rate environment because it offers no yield.
Currently, market participants estimate a 33% chance that the US central bank, the Federal Reserve (The Fed), will cut interest rates this year, down from previous expectations of two cuts before the conflict arose.
“As long as the market does not start seriously considering a rate hike by the Federal Reserve, which has not been seen so far, gold prices are unlikely to fall much,” wrote analysts at Commerzbank.
Meanwhile, other precious metal prices also experienced gains.
The spot silver price surged 5.2% to $79.48 per ounce, platinum rose 1.3% to $2,096.91 per ounce, and palladium strengthened 0.7% to $1,585.21 per ounce.