Gold, Silver Surge as US-Iran Truce Hopes Ease Inflation Risks

Gold and silver surged the most in about a month as hopes of a US-Iran deal drove oil prices lower and eased inflation expectations.

Bullion climbed as much as 3.6% to exceed $4,700 an ounce on Wednesday, while silver gained as much as 6.8%. Falling energy prices weighed on bond yields while the dollar traded at pre-war levels. That’s positive for bullion as it pays no interest and is priced in the greenback. Global equities also climbed as risk appetite increased amid optimism surrounding a truce between the two countries.