India, May 6 -- 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.
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