Gold Tops $4,800, Silver Jumps 6% After Iran–US Ceasefire Boost

Gold and silver surged by up to 4 per cent at the international market following the announcement of a 15-day ceasefire between Iran and the US, with negotiation talks set to be held on April 10 in Islamabad, Pakistan.

COMEX gold futures were trading above $4,846 per ounce with a gain of 3.46 per cent. Silver futures gained 6.60 per cent to cross above $76 per ounce.

The commodity rally mirrored the sharp rebound in global equity market with Asian markets surging over 5 per cent.

Gift Nifty, a sentiment indicator of India stock market, is suggesting a big gap-up opening on Wednesday once the market opens. Around 8:00 am, the index is up 700 points or 3 per cent, indicating more or less the big gap-up opening.

Crude oil prices tanked 20 per cent,

marking a single-day historic fall after the announcement.

Iran’s Ten-Point Plan

The ceasefire was brokered through Pakistan as Trump announced on his Truth Social platform that he had agreed to “suspend the bombing and attack of Iran for a period of two weeks” following direct appeals from Pakistani Prime Minister Shehbaz Sharif and Field Marshal Asim Munir, Pakistan’s military chief.

At the centre of the diplomatic effort is a ten-article framework Iran says it authored and transmitted to Washington through Pakistan. Iran’s conditions include: controlled passage through the Strait of Hormuz in coordination with Iranian armed forces; a full end to hostilities against all factions of the so-called Axis of Resistance; the withdrawal of US combat forces from all regional bases; full compensation for war damages; the lifting of all sanctions; the release of all frozen Iranian assets abroad; and the codification of all these terms in a binding UN Security Council resolution.