Gold stabilized around $4,400 per ounce on Friday after a sharp decline in the previous session, as President Donald Trump extended his deadline for Iran to reach a deal to end the war. Trump pledged not to target Iranian energy infrastructure until April 6, offering some relief to markets rattled by nearly a month of hostilities. He also said Iran had allowed 10 oil tankers to transit the Strait of Hormuz this week as a “present” to the US.
Iran, meanwhile, confirmed it had rejected Washington’s 15-point proposal to end the conflict and instead submitted its own terms, which include recognition of Tehran’s authority over Hormuz. On Thursday, gold fell nearly 3% amid persistent skepticism that the US and Iran can secure a ceasefire in the near term. The metal, along with other commodities, came under heavy selling pressure as the Middle East conflict and surging energy prices stoked inflation fears and strengthened expectations that major central banks could raise interest rates this year.
