Gold Jumps as Trump Touts Progress with Iran and Dollar Falls

Gold extended gains after US President Donald Trump touted progress on a final agreement with Iran, reducing inflationary pressure and sending the dollar lower.

Bullion rose as much as 2.3% to above $4,660 an ounce, after moving 0.8% higher on Tuesday. A gauge of the dollar declined 0.5%, making gold cheaper for many buyers. Trump in a social media post said “great progress” has been made with Iran and that he would pause a US-led effort to help stranded ships exit the Strait of Hormuz to see whether an agreement can be finalized.