%{{tag.tag}} {{articledata.title}} {{moment(articledata.cdate)}} @{{articledata.company.replace(" ","")}} comment Gold's price is up 3% and trading at a three-week high as oil prices retreat and the U.S. dollar falls sharply on news that the U.S. and Iran have agreed to a two-week ceasefire. Spot gold (TVC: $GOLD ) is trading at $4,820.00 U.S. per ounce early on April 8, which is its highest level since March 19. Gold's price had fallen 10% in March and languished as crude oil prices topped $115 U.S. per barrel and the U.S. dollar strengthened as fighting accelerated between America and Iran. But now, gold is rebounding after the U.S. and Israel agreed to pause the war with Iran and engage in talks aimed at finding a permanent resolution to the conflict. Analysts have been quick to say that gold's sharp move higher is largely coming at the expense of the U.S. dollar, which is weakening again on news of the Iran ceasefire. Lower oil prices are also positive for the inflation outlook and future direction of interest rates, which benefits gold. As a non-yielding asset, gold's price tends to perform better when interest rates are low. Futures markets are now pricing in a 43% chance of at least one interest rate cut in the U.S. by year-end compared to 14% a day earlier. Swiss bank UBS (NYSE: $UBS ) reiterated its year-end price target for gold of $5,900 U.S. per ounce.