WASHINGTON (dpa-AFX) - Growing optimism about a peace deal to end the Middle East war dragged down crude oil prices and the safe-haven dollar, helping the yellow metal climb above $4,733 on Wednesday. The rally in precious metals came amidst reports that the White House was close to reaching a deal with Iran to end the war.
The surge in gold prices was aided by a plunge in crude oil prices and a return of the Dollar Index to pre-war levels.
Brent crude futures for July settlement are currently trading at $103.20, having slipped 6.1 percent from the previous day's close. WTI crude futures for June settlement has also dropped more than 6.2 percent in the day's trading and is currently hovering near $95.8.
The Dollar Index which measures the strength of the dollar against a basket of six currencies is 0.50 percent lower in the day's trading. It is currently trading at 97.95 after dropping to a low of 97.63 earlier in the trade.
Gold Futures for June settlement is currently trading at $4,689.90, gaining 2.7 percent from the previous close of $4,568.50. While the day's trading ranged between $4,556.10 and $4,733.86, the 52-week trading ranged between $3,123.30 and $5,626.80. Gold Futures had touched an all-time high of $5,626.80 on January 29.
The day's price movements have resulted in a weekly gain of 2.9 percent and a monthly addition of 0.14 percent. Year-to-date gains are close to 7 percent. The yellow metal's price gain over the 3-year horizon stands at more than 128 percent.
Spot Gold is currently trading 2.8 percent higher on an overnight basis at $4,683.96 per troy ounce. While the day's trading ranged between $4,546.46 and $4,722.45, the 52-week trading ranged between $3,120.52 and $5,595.46. Spot Gold had touched an all-time high of $5,595.46 on January 29.
At current prices, Gold Futures and Spot Gold have both gained more than 36 percent over the past year.
Copyright(c) 2026 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2026 AFX News
