Gold climbed toward $4,600 an ounce on Wednesday, advancing for a second straight session as signs of de-escalation in the Middle East pushed oil prices lower, helping to alleviate inflation concerns. Defense Secretary Hegseth said the ceasefire established nearly a month ago remains intact, while Secretary of State Rubio confirmed that offensive operations have ended as Washington pivots toward safeguarding shipping routes in the Strait of Hormuz. President Trump also announced a temporary pause in a US-led effort to assist stranded vessels in exiting the strait, allowing time to gauge whether a deal with Iran to end the conflict can be reached, although the blockade on ships traveling to and from Iranian ports will stay in place. Gold has faced significant selling pressure since the onset of the war, as soaring energy costs fueled inflation fears and reinforced expectations that central banks may keep interest rates elevated for longer or potentially tighten further.