<ul>
<li>Trump expects Iran deal ‘soon’</li>
<li>Spot gold up over 2% for the week</li>
<li>Silver, platinum and palladium head for weekly gains</li>
<li>Indian banks halt gold, silver imports amid delay in government clearance</li>
</ul>
(Updates prices, analyst comments)
By Ashitha Shivaprasad
April 17 (Reuters) - Gold prices extended gains on Friday, supported by a weaker dollar and comments from Iran’s foreign minister that passage through the Strait of Hormuz remains open during the ceasefire, which pushed oil prices lower and eased some inflation concerns.
Spot gold (XAU=) was up 1.5% at $4,860.39 per ounce at 9:36 a.m. ET (1336 GMT), rising more than 2% so far this week.
U.S. gold futures (GCcv1) rose 1.6% to $4,883.20.
The passage of vessels through the strait will be on the coordinated route as already announced by Ports and Maritime Organisation of Iran, Iran’s foreign minister said in a post on X. U.S. President Donald Trump said he believed a deal to end the Iran war would come “soon”, although the timing remains unclear.
“Reopening the strait was a key event, and with oil prices under pressure, it is expected to ease inflation concerns and revive expectations of interest rate cuts - all good news for gold,” said Peter Grant, vice president and senior metals strategist at Zaner Metals.
Gold prices could see short-term gains back above the $5,000 per ounce level, he added.
The U.S. dollar and oil prices extended their fall after the comments on Hormuz opening. A weaker U.S. currency makes bullion more attractive to holders of other currencies. (USD/) (O/R)
Spot gold prices slipped after the United States and Israel launched strikes on Iran in late February, with surging energy prices stoking inflation fears and leading markets to scale back expectations for interest rate cuts. Because gold does not yield interest, it typically becomes less attractive when borrowing costs are elevated. (FEDWATCH)
Elsewhere, Indian banks have halted gold and silver orders from overseas suppliers, with tons of the metals stuck at customs as a formal government order has not been issued authorising imports, trade sources said.
Spot silver (XAG=) rose 4.6% to $81.99 per ounce, and was up 8% for the week.
Platinum (XPT=) was up 2.1% at $2,130.42, while palladium (XPD=) added 2.4% to $1,588.44. Both were on track for weekly gains.

The off-table confrontation has escalated! Iran's Foreign Minister presented ceasefire conditions and announced a comprehensive management plan for the Strait of Hormuz. Trump, in turn, decisively canceled his trip to Pakistan and maintained the blockade. Will this "power versus power" contest ignite war or lead to a turning point? Feel free to share your views in the comments section.

The off-table confrontation has escalated! Iran's Foreign Minister presented ceasefire conditions and announced a comprehensive management plan for the Strait of Hormuz. Trump, in turn, decisively canceled his trip to Pakistan and maintained the blockade. Will this "power versus power" contest ignite war or lead to a turning point? Feel free to share your views in the comments section.

PRECIOUS-Gold extends gains after Iran minister declares Strait of Hormuz open