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 was trading at $5,189.24 per ounce, as of 0844 GMT. U.S. gold futures for April delivery rose 1.9% to $5,199.70.

"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 ​2.5% to $89.21 per ‌ounce, a one-week high. Spot platinum gained 1.9% at $2,224.06, while palladium ⁠added 0.5% to $1,696.76.