Gold prices rose for a fourth straight session to a two-week high on Wednesday as the dollar slipped against a basket of major currencies.
Silver on COMEX also edged higher by 1% as prices traded above $75 per ounce on Wednesday.
Meanwhile, oil prices slipped on hopes that the Middle East conflict could be nearing an end.
Gold hits two-week high
Gold prices breached the $4,800 per ounce mark for the first time in two weeks on Wednesday due to a combination of a softer dollar and safe-haven demand.
Gold, priced in dollars, became more appealing to those holding other currencies as the dollar fell for the second consecutive day.
Gold has continued its positive momentum this week, extending the gains it made late last week.
It has successfully pushed back above the $4,400 level, which had previously served as mild support but is now acting as resistance, according to David Morrison, senior market analyst at Trade Nation.
“The daily MACD looks constructive from a bullish perspective as it is curling up from oversold levels,” Morrison said.
“And while the sudden drop in the US dollar is undoubtedly helpful for the bulls, would-be buyers should consider just how headline-driven risk assets are currently, especially ahead of President Trump’s expected address early tomorrow morning.”
US President Trump, in a post on Truth Social, stated that Iran’s new leader has requested a ceasefire from the United States.
“We will consider when Hormuz Strait is open, free, and clear. Until then, we are blasting Iran into oblivion,” he said.
The gold contract on COMEX was last at $4,814.62 per ounce, up 2.9%, while silver was at $75.915 an ounce, up 1.3% from the previous close.
“Despite recent weakness, silver could still find support if easing tensions contribute to lower oil prices and reduce expectations of central bank tightening,” Morrison added.
Oil slips below $100
Oil prices retreated on Wednesday, reversing earlier gains as investors grappled with uncertainty surrounding the escalating Middle East conflict, even as US President Donald Trump suggested that the US-Israel confrontation with Iran could end soon.
The front-month Brent crude contract for June fell 1.9% to $101.95 per barrel at the time of writing, after earlier touching a session low of $98.52.
US West Texas Intermediate (WTI) crude futures for May declined by $1.57, or around 1.6%, to $99.81 per barrel, having dropped as low as $96.51 earlier in the session.
Prices had initially moved higher during the day, but the gains proved short-lived as investors turned cautious and booked profits amid the fluid geopolitical situation.
Adding to market concerns, International Energy Agency head Fatih Birol warned that Europe could feel the impact of worsening supply disruptions in April, particularly if the Strait of Hormuz remains closed, further constraining oil exports.
The weakness follows a sharp decline on Tuesday, when Brent crude dropped more than $3 per barrel after Trump said US military operations could conclude within two to three weeks.
Despite the possibility of a ceasefire, analysts caution that any resumption of flows through the Strait of Hormuz is unlikely to be immediate.
Even if the passage reopens, logistical bottlenecks could delay a full recovery in supply.
“Even if the Strait reopens, clearing the vessel backlog would take time, with production, exports and LNG flows normalising only gradually rather than immediately,” Warren Patterson, head of commodities strategy at ING Group, said in a note.
Base metals gain
Copper rose this morning after Trump’s comment that the Iran conflict could conclude in two to three weeks, triggering a relief rally for risk assets previously hurt by global growth concerns.
In March, base metals, except aluminium, experienced significant downward pressure.
This was primarily due to the conflict in the Middle East, which disrupted commodity supplies and raised fears of global inflation.
Copper prices rebounded following Trump’s recent comments, which, despite the potentially unfixed nature of his timeline, pushed the metal higher after it had experienced a slump of nearly 8% in the previous month.
Demand in the vital Chinese market has shown signs of recovery, particularly after copper prices fell below $12,000 per ton during the latter half of March.
“Premiums for imports, a gauge of immediate appetite for the metal, rose to a nine-month high last week and stockpiles inside China have fallen sharply,” Welsh said.
Meanwhile, the three-month aluminium contract on the London Metal Exchange climbed above $3,500 per ton on Wednesday in nearly three weeks.
At the time of writing, the aluminium contract on LME was at $3,516.50 per ton, up 2.6%, while the copper contract was 0.8% higher at $12,448 per ton.
https://invezz.com/news/2026/04/01/commodity-wrap-gold-at-2-week-high-oil-below-100/
