Gold rose 1% on Tuesday, as inflation fears receded after oil ​fell following U.S. President Donald Trump's remarks that the Middle East war could "end soon", while a weaker U.S. ​dollar and ​easing Treasury yields also provided support.

Spot gold rose 0.8% to $5,178.60 per ounce, as of 1133 GMT, after gaining over 1% earlier in the session. U.S. gold futures for ⁠April delivery rose 1.7% to $5,188.60.

"The recovery in the stock markets also ended up providing respite for gold because of less margin requirements elsewhere, while a lower U.S. dollar and easing Treasury yields are definitely positive for gold markets (today) as well," said Ricardo Evangelista, ActivTrades analyst.

Stocks ​rallied, and oil ‌prices plunged by ⁠more than 7% ⁠after Trump's remarks, easing concerns about prolonged disruptions to global oil supplies.

In response to Trump, Iran's Islamic ​Revolutionary Guards Corps said they would "determine the end of the war", ‌and Tehran would not allow "one litre of oil" to be ⁠exported from the region if U.S. and Israeli attacks continued.

The war has effectively shut the Strait of Hormuz, which handles one-fifth of the world's oil supply, stranding tankers for over a week and forcing producers to halt output as storage fills up, sending energy prices soaring.

The dollar fell 0.6% to a one-week low, making greenback-priced bullion cheaper for holders of other currencies, while the benchmark 10-year U.S. Treasury yields also eased, reducing the cost of holding bullion.

Meanwhile, investors expect the U.S. Federal Reserve to keep rates steady at ‌the end of its two-day meeting on March 18, and also ⁠see the first rate cut of the year coming ​in July, per CME Group's FedWatch tool.

Markets are now awaiting the U.S. consumer price index for February, due on Wednesday, and Personal Consumption Expenditures (PCE) index - the Fed's preferred inflation gauge - on Friday.

Spot silver ​rose 1.5% to $88.31 ‌per ounce, a one-week high. Spot platinum gained 0.8% at $2,199.60, while palladium ⁠shed 0.3% to $1,685.09.

(Reporting by Ishaan Arora ​in Bengaluru; Editing by Sumana Nandy, Ronojoy Mazumdar, Mrigank Dhaniwala and Harikrishnan Nair)