Gold prices surged to a near three-week high following President Trump's agreement to a two-week cease-fire with Iran, easing inflation concerns from potential energy disruptions. Futures in New York climbed 3.3% to $4,843.10 a troy ounce as market participants reacted positively to the diplomatic development.

The precious metals rally extended across the board, with silver jumping 7.1% to $77.10 an ounce and platinum gaining 4.6% to $2,037.90. Copper also rose 2.9% to $12,690.50 a metric ton, reflecting improved risk appetite following the temporary truce between the U.S. and Iran.

The agreement, conditional on Iran reopening the Strait of Hormuz, reduces concerns about severe supply disruptions. Gold remains approximately 11% below its late-February highs as investors await whether the temporary cease-fire evolves into a more durable agreement alongside Federal Reserve policy decisions.