By Rebecca Feng

Gold prices jumped 4% to around $4,580 per troy ounce on Wednesday morning in a sign they were beginning to reverse a recent rout.

Normally, the yellow metal is a safe haven that shields investors against inflation and geopolitics. However, gold has dropped 13% since the Israeli-U.S. war began. One potential reason is that after surging 51% in the past 12 months, the precious metal became the obvious thing to sell when the war started.

Markets sentiment appeared to improve Wednesday after President Trump suggested that Iran had offered a "present" related to oil and gas, while mediators from Turkey, Egypt and Pakistan are pushing to arrange a U.S.-Iran meeting by Thursday.

Easing oil prices and a softer dollar are helping gold higher Wednesday, analysts at ING wrote in a note.

However, gold could still come under pressure in the near term, according to the Dutch bank, which says some central banks, especially those from countries that are exposed higher energy import costs, could decide to tap their gold holdings to stabilize their currencies, according to these analysts.

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March 25, 2026 08:52 ET (12:52 GMT)

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