Gold stocks rallied in Hong Kong. Lingbao Gold rose 10%; Tongguan Gold rose 9%; China Gold International Resources rose 8%; SD Gold, Zijin Mining, and Zijin Gold International rose 7%; Chifeng Gold rose 6%; Laopu Gold rose 5%; Zhaojin Mining rose 4%.

Gold advanced after US President Donald Trump and Iran agreed to a two-week ceasefire to finalize talks on ending the war that’s upended global markets.

Bullion climbed as much as 3.1% to above $4,850 an ounce, extending a 1.2% gain in the previous session. Trump said in a social-media post that he had agreed to suspend bombing less than two hours before a self-imposed deadline to wipe out Iran’s “whole civilization,” adding that the reopening of the Strait of Hormuz was a key condition for the pause. Iran said safe passage through the strait was “possible” for two weeks.