Ammon News - Gold prices rose on Wednesday as lower oil prices, following a U.S. extension ‌of a ceasefire with Iran, eased fears of an inflation spike and prolonged high interest rates.

Spot gold rose 1.1% to $4,762.22 per ounce, as of 0615 GMT, after falling to its lowest level since ​April 13 on Tuesday.

U.S. gold futures for June delivery gained 1.3% to $4,781.

U.S. President ​Donald Trump said he would indefinitely extend the ceasefire with Iran to allow ⁠for further peace talks, hours before it was set to expire.

Trump's announcement appeared to ​be unilateral, and it was not immediately clear whether Iran or U.S. ally Israel would ​agree to extend the ceasefire, which began two weeks ago.

Stocks gained, the dollar eased and oil prices turned lower following the ceasefire extension.

Spot silver rose 2.2% to $78.38 per ounce, platinum gained 2.1% to $2,079.64, and palladium was up 2.6% ​at $1,573.34.

Reuters