(RTTNews) – Gold prices hit a three-week high on Wednesday as the dollar weakened against major currencies following US President Donald Trump’s ceasefire move.
Spot gold was trading nearly 2 percent higher at $4,798.25 an ounce, after hitting an earlier high of $4,856. U.S. gold futures for June delivery were up more than 3 percent at $4,825.92.
Brent crude prices fell 14 percent to $90 a barrel and the dollar hit a four-week low as a two-week Middle East ceasefire helped ease fears of supply disruptions in oil markets and ease inflation worries.
The ceasefire calls on Israel and Hezbollah to stop fighting in Lebanon. Trump said he was stopping his threatened attacks on Iranian bridges and power plants and that the 10-point proposal he received from Iran was a practical basis for negotiations.
The two-week ceasefire plan includes allowing both Iran and Oman to levy duties on ships passing through the Strait of Hormuz.
Iran’s Supreme National Security Council said talks with US representatives would begin in Islamabad on Friday and could last for 15 days under the mediation of Pakistan.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. Reflect the views of.
