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2026.03.3123:56:03UTC+00Gold Ticks Higher as Middle East Tensions Ease, Upside Limited

Gold inched higher on Wednesday, trading near $4,690 per ounce, as signs of easing tensions in the Middle East raised the prospect of lower oil prices and reduced fears of additional central bank rate hikes. President Donald Trump reportedly told aides he is prepared to end the war against Iran even if the Strait of Hormuz remains largely closed, while regional sources indicated that Iranian President Masoud Pezeshkian may be open to ending the conflict under certain conditions.

However, bullion’s advance remained limited. The easing of geopolitical risks curbed safe-haven demand, while a strong US dollar and elevated Treasury yields continued to pressure non-yielding assets such as gold. In March, the metal slumped more than 13%, its sharpest monthly decline since October 2008, and it currently trades nearly 19% below the record highs reached in late January. Market participants are now focused on upcoming US economic releases and guidance from the Federal Reserve for further clarity on the outlook for interest rates.

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