Precious metals rise, supported by a weaker US dollar and declining US bond yields.

Precious metals rose in early trading, boosted by the weakening US dollar. The softening dollar makes gold and silver priced in dollars cheaper for non-dollar holders. US Treasury yields also declined, enhancing the attractiveness of interest-free precious metals. The trend in the precious metals market on Wednesday morning followed President Trump's decision to temporarily halt attacks on Iran for two weeks, on the condition of "immediate" reopening of the Strait of Hormuz. The reopening of the strait could lead to a drop in oil prices and alleviate concerns about inflation. Spot gold rose 2.3% to $4,810.27 per ounce; spot silver rose 4.2% to $76.02 per ounce.