Gold prices climbed more than 1% on Wednesday, supported by a weaker U.S. dollar, while falling oil prices eased concerns over global inflation and potential interest rate hikes amid reports of a U.S. plan to end the conflict with Iran.
Spot gold rose 1.6% to $1,545.46 per ounce, while U.S. gold futures for April delivery jumped 3.29% to $1,547.
The dollar’s decline made gold cheaper for holders of other currencies. Meanwhile, oil prices fell below $100 per barrel after reports that the U.S. submitted a 15-point plan to Iran to resolve the Middle East conflict, reducing inflation fears.
