Gold prices surged nearly 2% on April 17, approaching $4,900 per ounce, driven by easing tensions in the Middle East and rising expectations of a Federal Reserve rate cut. Iranian Foreign Minister Abbas Araqchi confirmed the Strait of Hormuz will remain open during a ceasefire, alleviating concerns over energy supply disruptions and contributing to a decline in oil prices and the U.S. dollar. Market analysts highlight that the drop in oil prices reduces inflationary pressures, boosting the likelihood of a Fed rate cut, with traders estimating a 60% chance of a cut by year-end. Institutional perspectives suggest that a weaker dollar and potential lower interest rates are bolstering gold, with prices possibly reaching $5,000 soon. Meanwhile, policy uncertainty has led some Indian banks to halt gold imports, stranding several tons at customs and affecting short-term supply dynamics.