Gold prices rose sharply on Wednesday, supported by a weaker US dollar amid news of a US plan to end the conflict in the Middle East, which helped ease concerns about rising inflation.
Gold futures for April delivery rose 3.65%, or $161.20, to $4,562.10 an ounce, while the spot price of gold climbed 1.8% to $4,555.47 an ounce.
Silver also recorded notable gains, with its spot price rising by about 2.75% to reach $73.18 per ounce, while futures contracts for May delivery climbed by 4.75% to reach $72.87 per ounce.
Conversely, the US dollar index fell by 0.2% to 99.29 points, boosting the appeal of gold and precious metals for investors.
As for other metals, platinum prices rose 1.3% to $1,954.52, while palladium prices fell 0.2% to $1,437.8.
📌 Summary
The rise in gold was driven by a weaker dollar and hopes for easing tensions, which supported demand for precious metals despite ongoing challenges related to inflation.