Gold prices rose above $4,750 per ounce on Wednesday, recovering some of the sharp losses from the previous session. This came after President Donald Trump announced an extension of the ceasefire with Iran, even though plans for a second round of peace negotiations fell through.
Trump indicated he would hold off on further military action until Iran submits a fresh proposal and talks reach a conclusion. At the same time, Vice President JD Vance canceled his scheduled trip to Islamabad for discussions, following reports that Tehran had signaled through Pakistan it would not participate in the planned meeting.
Iran maintained its position that it would not reopen the Strait of Hormuz as long as the US Navy continues to intercept vessels in the area. Despite the temporary relief from the ceasefire extension, gold has still fallen nearly 10% since the conflict escalated in late February 2026.
Additional selling pressure on the metal came from the Senate confirmation hearing for Federal Reserve Chair nominee Kevin Warsh. During his testimony, Warsh emphasized his commitment to acting independently and called for a new framework to tackle ongoing inflation, though he offered no detailed specifics.
Gold rose above $4,750 an ounce on Wednesday,
Recouping some losses from the previous session after President Donald Trump extended the ceasefire with Iran, although plans for a second round of peace negotiations collapsed.
Trump said he would delay further strikes until Iran… pic.twitter.com/oQREpeDyoN
— LOVIN GHANA TV (@lovinghanaTV) April 22, 2026
Market participants are closely watching developments in the Middle East and any signals from the potential new Fed leadership, as these factors continue to influence safe-haven demand for gold.
