Gold jumped more than 2% to above $4,800 per ounce on Wednesday, extending recent gains after President Donald Trump delayed his planned strikes on Iranian civilian infrastructure by two weeks to finalize talks on a potential resolution to the war. Less than two hours before his deadline for Iran to strike a deal or face intensified attacks, Trump announced a “double-sided ceasefire” contingent on Iran reopening the Strait of Hormuz. Trump also said the US had received a 10-point proposal from Iran that he described as a “workable basis for negotiations,” with the two-week window allowing the potential agreement to be finalized and implemented. However, Tehran has not confirmed Trump’s claims or whether it will allow the resumption of commercial shipping through Hormuz. Gold has tumbled as much as 25% peak-to-trough since the conflict began, as a surge in energy prices fueled inflation concerns and reinforced a hawkish shift in central bank outlooks.