April 1 (Reuters) - Gold prices rose on Wednesday to
their highest in nearly two weeks, supported by a weaker dollar
as U.S. President Donald Trump said the war with Iran could wind
down within weeks.
FUNDAMENTALS
* Spot gold rose 0.7% to $4,700.41 per ounce by 0109
GMT, its highest level since March 20. U.S. gold futures
for April delivery gained 1.1% to $4,729.80.
* The U.S. dollar fell, making greenback-denominated
commodities more affordable for holders of other currencies.
* Gold fell more than 11% in March in its steepest monthly
fall since October 2008 due to rising expectations of hawkish
monetary policy and as the dollar emerged as a safe-haven winner
since the U.S.-Israeli war on Iran started on February 28.
* U.S. President Donald Trump said the United States could
end its military attacks on Iran within two to three weeks and
Tehran did not have to make a deal as a prerequisite for the
conflict to wind down.
* Trump will provide an update on Iran in an address to the
nation at 9 pm on Wednesday (0100 GMT on Thursday), White House
spokeswoman Karoline Leavitt said on X.
* Global equity and bond markets jumped on speculation of a
potential de-escalation in the Middle East conflict that has
driven the biggest one-month increase in global oil prices in
history.
* Meanwhile, traders have almost completely priced out any
chance of a U.S. Federal Reserve rate cut this year, as higher
energy prices threaten to feed into broader inflation. Before
the war in the Middle East began, there were expectations of two
rate cuts for this year.
* Brazil's central bank doubled its gold holdings in 2025,
making the metal the second-largest component of its foreign
exchange reserves after the U.S. dollar, according to its annual
report released on Tuesday.
* Spot silver was steady at $75.11 per ounce, spot
platinum gained 1.2% to $1,971.45 and palladium
was up 0.4% at $1,482.36.
DATA/EVENTS (GMT)
0900 EU Unemployment Rate Feb
1230 US Retail Sales MM Feb
1345 US S&P Global Mfg PMI Final Mar
1400 US ISM Manufacturing PMI Mar
(Reporting by Noel John in Bengaluru; Editing by Subhranshu
Sahu)
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