investingLive Asia-Pacific news wrap: Trump pauses Project Freedom. Oil drops, gold surges

A surprise de-escalation in US-Iran rhetoric — capped by Trump pausing “Project Freedom” — removed a portion of the geopolitical risk premium, sending oil lower, risk assets higher and the US dollar weaker. Asian equities rallied (KOSPI topped 7,000, triggering a five‑minute buy-side sidecar), Chinese data surprised to the upside and US futures firmed after AMD’s earnings beat. The softer dollar and easing oil pushed gold sharply higher, with XAUUSD approaching ~$4,650/oz. FX saw AUD and NZD strengthen to multi‑year highs. Overall market reaction was risk‑on, supporting equities and most risk currencies while boosting precious metals.