Global gold prices rose sharply on Wednesday, gaining 2 percent as the US dollar weakened and hopes of a possible agreement between the United States and Iran improved market sentiment.

Spot gold climbed 2 percent to $4,647.09 per ounce, while US gold futures also moved higher to $4,658 per ounce. The rise came as investors responded to easing geopolitical concerns and a softer dollar, both of which typically support demand for precious metals.

US President Donald Trump said operations linked to protecting ships in the Strait of Hormuz had been temporarily paused as progress was being made toward a possible understanding with Iran.

Analysts said lower oil prices and signs of reduced tensions in the region have helped stabilize financial markets. At the same time, the weaker US dollar made gold more attractive for international buyers, adding fresh momentum to prices.

US Secretary of State Marco Rubio also said “Operation Epic Fury” had been concluded, signaling efforts to avoid further escalation in the Middle East.

Market experts warned that gold could remain volatile if regional tensions rise again. Investors are also closely watching upcoming US employment data this week, as the figures could influence the next policy decision by the Federal Reserve.

Other precious metals also posted gains. Silver rose 3.4 percent, platinum added 2.4 percent and palladium advanced 2.6 percent, reflecting broader strength across commodity markets.