# Spot gold was up 2% at $4,795.99 per ounce, as of 0920 GMT.

*business · news · 2026-04-08 · Republic World*

## Key points

- Gold prices surged to a near three-week high after a US-Iran two-week ceasefire agreement.
- The ceasefire is contingent on Iran pausing its blockade of oil and gas through the Strait of Hormuz.
- Oil prices dropped over 13% and the dollar hit a one-month low following the ceasefire news.
- Investor expectations for a US rate cut by year-end jumped from 14% to 43% in one day.
- UBS now forecasts gold could reach $5,900 per ounce by year-end due to diversification demand.

**Companies:** UBS
**Countries:** United States, Iran

[Read the full story on Republic World](https://www.republicworld.com/business/gold-climbs-to-near-three-week-high-after-us-iran-agree-to-ceasefire)

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