On Wednesday, gold prices surged by 1.3%, reaching $4,617.19 per ounce, driven by a weaker U.S. dollar and optimism surrounding potential peace talks between the U.S. and Iran. U.S. gold futures for June delivery increased by 1.4% to $4,631.30. The rise in gold prices was supported by President Donald Trump's decision to pause military operations in the Strait of Hormuz, which he attributed to progress in negotiations with Iran. This development, alongside lower oil prices, helped alleviate inflation concerns. Additionally, the U.S. trade deficit widened in March, influenced by an influx of imports related to an artificial intelligence investment boom, which overshadowed a rise in exports. The upcoming U.S. employment report will be crucial in determining the Federal Reserve's monetary policy direction, particularly in light of the ongoing geopolitical tensions in the Middle East. Other precious metals also saw gains, with spot silver rising 2.4% to $74.60 per ounce, platinum increasing by 1.3% to $1,977.25, and palladium up 1.1% at $1,502.