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Gold prices extended gains on 17 April after Iranian Foreign Minister announced that traffic through the Hormuz Strait would resume during the ceasefire, which pushed oil prices lower and partly eased inflation concerns. Spot gold rose 1.5% to $4,860.39 per ounce in early trading, with weekly gains now exceeding 2%. US gold futures rose 1.6% to $4,883.20 per ounce. Iran's foreign minister said in a post on social media that traffic through the strait would proceed along the route announced by Iran's Ports and Maritime Organization. U.S. President Donald Trump said he believed a deal to end the war with Iran would come “soon,” though the exact timing remains unclear. “Reopening the strait is a key event, and as oil prices come under pressure, this is expected to ease inflation concerns and restore expectations for rate cuts — all good news for gold,” said Peter Grant, vice president and senior metals strategist at Zaner Metals. Gold prices could see short-term gains back above $5,000 per ounce, he added. The U.S. dollar and oil prices continued to fall after the statements on reopening Hormuz. A softer dollar makes gold more attractive to holders of other currencies. Earlier, gold had fallen after the United States and Israel conducted attacks on Iran in late February, as energy prices surged, raising inflation concerns and prompting markets to pare expectations for rate cuts. Because gold yields no interest, it tends to be less attractive when borrowing costs are high. Separately, Indian banks have halted orders of gold and silver from foreign suppliers, with tons of metal stuck at customs due to no official import permit from the government according to industry sources. Spot silver rose 4.6% to $81.99 per ounce, lifting weekly gains to 8%. Platinum rose 2.1% to $2,130.42 per ounce, while palladium rose 2.4% to $1,588.44 per ounce. Both metals were on track for weekly gains.
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