Gold prices rally as the dollar weakens and oil falls, while traders watch Treasury yields and Friday's payrolls report for direction.
Gold markets rallied early on Wednesday as rates collapsed on the news that the war could wind down. With this, the negative correlation between rates and gold pricing continues.
Gold surges as Middle East peace hopes crush Oil and the US Dollar
Gold's rebound is suddenly turning into something much bigger. After defending the 4,500 psychological level earlier this week, the metal has surged sharply as markets aggressively sell Dollar on signs that the US and Iran may be moving toward a formal agreement to end the war.
Gold reclaims bullish territory at $4,679 after clearing $4,650, supported by higher lows and rising RSI. Silver breaks out above $76 with engulfing candles and positive momentum.
Saudi Arabia Gold price today: Gold rises, according to FXStreet data
Philippines Gold price today: Gold rises, according to FXStreet data
United Arab Emirates Gold price today: Gold rises, according to FXStreet data
India Gold price today: Gold rises, according to FXStreet data
Malaysia Gold price today: Gold rises, according to FXStreet data
A notable shift in tone from Trump administration officials on Tuesday set the stage for a broad risk-on session across Asia-Pacific markets on Wednesday, as growing optimism around a potential US-Iran peace deal sent oil lower, lifted equities and pushed the Australian dollar to a four-year high.
Gold refreshes weekly top, eyes mid-$4,600 as USD weakens on US-Iran peace deal hopes