Fundamentals
* Spot gold was up 0.9% at 4,830.66 an ounce by 0103GMT. US gold futures for June delivery rose 0.6% to $4,852.40.
* The US dollar fell near its lowest level in more than a month, making greenback-denominated commodities, such as bullion, cheaper for holders of other currencies.
* Global equities rose as oil prices eased on hopes of easing US-Iran tensions.
* The Trump administration on Wednesday expressed optimism about reaching a deal to end the war with Iran, while warning of increased economic pressure against Tehran if it reneges.
* US President Donald Trump said he believes the war with Iran is almost over, even as the shipping embargo he announced remains in effect and traffic through the Strait of Hormuz remains below normal.
* Traders now see a 29% chance of a 25-basis-point US interest rate cut this year. Before the war, two rate cuts were expected for this year.
* SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings rose 0.2% to 956.56 metric tons on Tuesday.
* Meanwhile, the silver market is headed for a sixth year of structural deficits, with 762 million troy ounces pulled from stocks through 2021, raising the risk of a fresh liquidity squeeze despite weaker demand expectations, the Silver Institute and consultancy Metals Focus said on Wednesday.
* Spot silver was up 1.4% at $80.17 an ounce, platinum was up 1.2% at $2,134.55 and palladium was up 1.1% at $1,590.14.
Data/Events (GMT)
1230 US Initial Jobless Clm Apr 11,
1230 US Philly Fed Business Index Apr
1315 US Industrial Production MM March
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