Gold prices climbed above $4,750 an ounce on Wednesday, recovering from earlier losses as markets reacted to renewed geopolitical uncertainty following U.S. President Donald Trump’s extension of the ceasefire with Iran.
According to commodity market data, spot gold traded around $4,750–$4,780, reflecting a modest rebound after a previous session decline, though the metal remains down roughly 10% since the Iran conflict began.
The price movement followed confirmation that Trump extended the ceasefire while signalling that further U.S. military action would be delayed until Iran submits a revised proposal and negotiations are concluded. However, planned second-round peace talks collapsed, tempering market optimism.
Reports also indicate that Vice President JD Vance cancelled a planned diplomatic trip to Islamabad after Iran, via Pakistani intermediaries, signalled it would not participate in the meeting. The breakdown has added fresh uncertainty to already fragile negotiations.
Tensions over the Strait of Hormuz remain a central pressure point, with Iran maintaining it will not reopen the waterway while U.S. naval forces continue intercepting vessels. This has kept energy and safe-haven markets volatile.
Despite the rebound, analysts note that gold’s broader trajectory remains shaped by the interplay of geopolitical risk, monetary policy expectations, and shifting confidence in the durability of the ceasefire.
