Gold price prediction for April: What could be gold rate this month? Check latest projections

Gold price set to soar in the month of April? Gold rate extended a three-day rally on signals that the war in West Asia involving Iran may be nearing resolution, with traders shifting focus from interest-rate hikes to the longer-term risk of an economic downturn.

Bullion rose as much as 1.7 per cent to top $4,700 an ounce, adding to a 3.5 per cent jump in the previous session before later paring gains. President Donald Trump said he expected the U.S. to end the war with Iran within 2-3 weeks, Bloomberg reported.

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Gold rose for a fourth straight session on Wednesday, ​hitting a near two-week peak, ​as the U.S. dollar slipped and traders monitored developments ​in the Middle East.

Spot gold was up 2.2 per cent at $4,774.25 per ounce, the highest level since March 19. U.S. gold futures gained 2.6 per cent to $4,800.40. The U.S. dollar dropped for ‌a second ⁠consecutive ⁠day, making greenback-priced bullion more attractive for holders of other currencies.

This came after spot gold had fallen more than ‌11 per cent in March as higher energy prices from the Iran war stoked inflation worries and led markets to scale back ​expectations of ​rate cuts.

Bullion is typically ⁠seen as a safeguard during geopolitical turmoil and inflation, but high interest rates reduce the appeal of the non-yielding metal.

Gold Price Analysis

"Gold prices could move back ​above $5,000 per ounce if we're on a path toward de-escalation, as rate-cut expectations could creep ​back in," said Bob Haberkorn, senior market strategist at RJO Futures.

"The focus is on Iran and the Strait (of Hormuz) - how this conflict unfolds, and what ​the path forward looks like," he added.

"An end to the conflict could prove ​a double-edged sword (for gold). On one hand, a lasting ​peace agreement would remove the geopolitical safe-haven bid that supported prices in the run-up to the conflict," IG market analyst Tony Sycamore said.

On the other hand, lower oil prices and easing inflation could revive expectations of 2026 Fed cuts, which could help prices, Sycamore added.