Gold prices rose more than 2 percent on Wednesday, supported by a weaker dollar, while lower oil prices helped ease concerns about inflation and tighter monetary policy.
Gold rose 2.1 percent in spot trading to $4,568.29 an ounce, while U.S. gold futures jumped 3.8 percent to $4,604.32.
The main support came from the decline of the dollar, which made the precious metal less expensive for holders of other currencies, and boosted demand for it.
The drop in oil prices to below $100 a barrel also helped to ease inflationary pressures, following reports of a 15-point US plan to end the war in the Middle East.
US President Donald Trump indicated progress in negotiations with Iran, speaking of concessions related to energy and the Strait of Hormuz, without disclosing further details.
Conversely, monetary policy expectations remain hawkish, with market data indicating that the Federal Reserve is not expected to cut interest rates this year.
In other metals, silver rose 3.8 percent to $73.94 an ounce, platinum climbed 2.6 percent to $1,984.05, while palladium gained 1.5 percent to $1,461.75.
