WASHINGTON (dpa-AFX) - Partially offsetting the losses from yesterday's session, gold prices have edged higher on Wednesday as efforts to secure a U.S.-Iran peace agreement gather pace, sending positive signals of an to end the war and the reopening of the Strait of Hormuz.
Front Month Comex Gold for June month delivery has inched higher by $25.60 (or 0.57%) to $4,536.80 per troy ounce.
Front Month Comex Silver for June month delivery has surged by $1.228 (or 1.64%) to $76.135.
On Sunday, through social media platform Truth Social, U.S. President Donald Trump urged Iran to move fast and strike a deal with the U.S. failing which nothing would be left of Iran.
On Monday, Iran's Tasnim news agency reported that aiming to end the war, Iran offered (through Pakistan) a 14-point peace proposal to the U.S. administration.
Hours later, Trump announced through Truth Social that he is calling off a planned attack on Iran that was scheduled for Tuesday at the request of the leaders of Qatar, Saudi Arabia, and the United Arab Emirates.
Trump added that the leaders confirmed serious negotiations were going on which would yield a favorable result to the U.S. However, Trump cautioned that U.S. forces are ready to strike with intense magnitude at a moment's notice if Iran does not secure a deal.
Axios reporter Barak Ravid cited Trump as stating that the U.S. should give Iran another big hit. Claiming he was only an hour away from making a decision to restart attacks, Trump wanted to give only a limited period of time for Iran to allow the regime to come up with a proposal
Iran's Foreign Minister Seyed Abbas Araghchi messaged through social media platform X that with the lessons learned and knowledge gained during the earlier confrontations, if war resumes, Iran will offer many more surprises.
According to Tasnim, Iran's Islamic Revolutionary Guard Corps have threatened to take the war 'beyond the region' if the U.S. or Israel resume attacks.
The Islamic Republic News Agency stated that Pakistan's Interior Minister Mohsin Naqvi revisited Iran for the second time in less than a week to facilitate smooth discussions between both the nations.
Yesterday, U.S. Vice President JD Vance reassured the nation that the U.S.-Iran conflict 'will not become a forever war.'
The Strait of Hormuz, effectively shut by Iran since the U.S.-Israel versus Iran war began on February 28, continues to remain blocked and under the control of Iran.
The IRGC Navy stated that over the past 24 hours, around 26 commercial vessels crossed the strait after they coordinated with Iranian authorities.
Crude oil slumped today amid prevailing optimism on Iran striking a deal soon with the U.S. and supported gold prices on the upside.
On the economic front, the Mortgage Bankers Association of America revealed that the Purchase Index in the U.S. decreased to 170.40 on May 15 from 177.70 of the previous week.
The U.S. dollar index was last seen trading at 99.12, down by 0.18 points (or 0.18%) today.
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