An increase in the prices of the “yellow metal” in the face of a decline in the dollar

Gold rose by more than two percent today, supported by a decline in the dollar, while falling oil prices calmed fears of high inflation and an increase in global interest rates amid reports of an American plan to end the war in the Middle East.

Gold in spot transactions increased 2.1 percent to $4,568.29 per ounce by 01:00 GMT.

US gold futures for April delivery also rose 3.8 percent to $4,569.40.

The dollar declined, making gold priced in the US currency less expensive for holders of other currencies.

Oil prices fell below $100 per barrel, calming inflation-related fears after reports indicated that the United States had sent Iran a 15-point plan to end the war in the Middle East.

US President Donald Trump said yesterday, Tuesday, that the United States is making progress in its efforts to negotiate an end to the war with Iran, including obtaining an important concession from Tehran, while a source confirmed that Washington sent a 15-point settlement proposal to Iran.

Trump told reporters at the White House that Iran had made a valuable concession related to non-nuclear energy and the Strait of Hormuz, without providing further details.
High oil prices usually lead to increased inflation by raising transportation and manufacturing costs.

As for other precious metals, silver rose in spot transactions by 3.8 percent to $73.94.

Platinum increased 2.6 percent to $1,984.05, and palladium rose 1.5 percent to $1,461.75.