WASHINGTON (dpa-AFX) - Gold prices have soared on Tuesday as investors cheered reports indicating that U.S. President Donald Trump was considering ending the Middle East conflict and leaving the responsibility to reopen the Strait of Hormuz to U.S. allies.
Front Month Comex Gold for June month delivery has surged by $118.90 (or 2.61%) to $4,676.40 per troy ounce.
Front Month Comex Silver for June month delivery skyrocketed by $4.467 (or 6.31%) to $75.300 per troy ounce.
The war between U.S.-Israel and Iran entered day number thirty-two.
Thousands of U.S. troops including Marines have been deployed from the 82nd Airborne Division to the Middle East.
Iran expressed readiness to retaliate strongly in the event of a ground attack by the U.S. or Israel.
Today, even as the ground situation stoked tensions, citing administrative officials, the Wall Street Journal reported that Trump has told his aides that he was amenable to ending the conflict and nudging Iran to open the Strait of Hormuz through negotiations instead of military offensives.
Apparently, Trump is more inclined to try diplomatic routes rather than military aggression to resolve the disputes with Iran.
Trump also wishes to prioritize weakening Iran's navy for now and hand over the job of reopening the Strait of Hormuz to U.S. allies in Europe and the Gulf region.
Yesterday in a Truth Social post, Trump claimed that the U.S. was in serious discussions with credible negotiators from a 'reasonable regime' to end the conflict.
At the same time, he warned that U.S. forces will obliterate Iranian power plants, oil wells, and if needed even its desalinization plants that provide water to Iran.
Trump added that the U.S. would capture and secure Kharg Island, home to Iran's oil exports.
Market participants reconciled for an extended period of high oil price with economists raising concerns of 'stagflation.'
However, after the new report from the WSJ, the U.S. dollar value eased, and gold markets saw brisk activity.
Investors have already retracted their expectations of any interest rate cuts by major global banks across the world.
A few banks including the European Central Bank and the Bank of Japan have hinted of rate hikes to contain inflationary pressures.
Despite some gains this week, on a monthly basis, gold prices headed to under-perform to a level not seen in 17 years. In March, gold prices have nosedived by around 13%.
Of note, in a research note, Goldman Sachs reaffirmed its projection that gold will climb to $5,400 per troy ounce before 2026 ends.
In the U.S., the Conference Board revealed that its consumer confidence index rose modestly to 91.80 in March from 91.00 in February.
The Job Openings and Labor Turnover Summary revealed that job openings in the U.S., fell by 358,000 to 6,882,000 in February 2026, below market expectations of 6,920,000.
The number of job quits fell slightly to 2,974,000 in February from the downwardly revised 3,131,000 in January.
The U.S. dollar index was last seen trading at 99.93, down by 0.63 points (or 0.63%) today.
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