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(Bloomberg) -- Gold jumped the most in more than two months after US President Donald Trump said he canceled planned military strikes against Iran, fueling hopes for a diplomatic way out of the war that has rattled global markets.

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Bullion rose as much as 3.6% before closing 3.4% higher at $4,212.26 an ounce. Treasury yields and the dollar pushed lower after Trump’s comments, boosting the precious metal as it pays no interest and is priced in the US currency.

Trump on Thursday cited what he said were “discussions” that “have been brought to the highest level of Iranian leadership” surrounding a negotiated end to the Iran war. His comments marked the latest conflicting signal the US president has sent about the status of the war, vacillating between threats of intensified attacks and insisting a peace deal is within reach.

Trump told reporters in the Oval Office that a signing could take place as soon as this weekend in Europe and that Vice President JD Vance would attend if it materializes. Iran’s semi-official news agency Fars, however, said earlier Thursday that officials had not yet approved the text of any agreement with the US, citing an unnamed source.

Gold has been losing momentum in recent weeks as the Iran conflict, now in its fourth month, disrupted energy flows through the Strait of Hormuz, caused oil prices to rise and raised the likelihood of interest-rate hikes as central banks try to keep inflation in check. Higher rates are typically negative for gold.

Gold has fallen 21% since the Middle East conflict began at the end of February.

Earlier Thursday, US economic data showed producer prices rose in May at the fastest pace in more than three years as the fallout from the war continued to fan inflation pressures. The print highlights the rising toll the energy-price shock from the closure of Hormuz is taking on the US economy.

Silver climbed 6.2% while platinum and palladium also advanced. The Bloomberg Dollar Spot Index fell 0.3%.

--With assistance from Jack Ryan and Yihui Xie.

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