Gold rises above $4,100 as U.S.-Iran ceasefire pause cuts oil prices
Gold climbed above $4,100 an ounce on Monday as a temporary halt in U.S.-Iran hostilities sent oil prices tumbling, reducing inflation fears ahead of a Federal Reserve meeting. Spot gold rose as much as 1.6% to top $4,100, while silver jumped 1.9% to $59.27. Brent crude fell up to 9.5%. The lull followed Iranian and Omani officials meeting over the weekend to discuss shipping through the Strait of Hormuz. Iran said it would halt attacks as long as the U.S. does the same. Attention is turning to the Fed's Wednesday announcement, with 66% of market participants expecting no rate change. Analysts noted gold is flashing cautiously positive signals, with one eye on Iran and the other on the Fed. Gold has shed more than a fifth of its value since the U.S. and Israel launched strikes on Iran in late February.
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