Following the ceasefire, gold prices rose by $169, with the price per ounce exceeding $4,888

Gold futures for June delivery rose 3.6% or $169.70 to $4,854.40 an ounce, after touching $4,888.

The spot price of gold rose by 2.7% to $4,832.3 per ounce, and its counterpart, silver, added about 6.2% to trade at $77.518 per ounce, while the dollar index - which measures the performance of the US currency against a basket of six major currencies - fell by more than 1% to 98.82 points.

Silver above $77

Silver futures for May delivery rose 7.6% to $77.47 an ounce, while spot prices for platinum increased by about 4.3% to $2,045.73, and palladium by 5.5% to $1,552.98.

Markets are awaiting the release of the minutes from the Federal Reserve's March monetary policy meeting later today for further insight into the outlook for monetary policy in the United States.