Gold Price Breaks Through $4,800 as Ceasefire Brings Relief to Markets

The gold price rose to its highest level since mid-March this week after US President Donald Trump announced a two-week ceasefire in the Iran war. The yellow metal briefly broke through the $4,800 per ounce level before pulling back. Silver also trended upward, nearly hitting $77.50 per ounce.

According to Dr. Mark Thornton of the Mises Institute, the decline in gold prices since the Iran war began was due to a small subset of market participants selling gold to finance their governments or businesses during times of emergency. He stated, 'There's a small subset of market participants who are going to want to sell gold at the outbreak of the war, not buy gold.'

Despite the short-term downturn, the broad consensus among experts is that the bull run for gold and silver isn't over yet. Some central banks have taken advantage of the pullback, with Chinese gold reserves recording their biggest rise since February 2025 last month.