Doha: Gold prices rose more than 1% on Wednesday, buoyed by a weaker dollar, while softer oil prices eased fears of inflation and higher-for-longer interest rates, amid hopes of a US-Iran peace deal. Spot gold was up 1.7% at $4,633.31 per ounce, while US gold futures for June delivery rose 1.7% to $4,643.20.

According to Qatar News Agency, the rise in gold prices was complemented by gains in other precious metals. Spot silver saw a 2.7% increase, reaching $74.80 per ounce. Platinum also recorded a gain of 1.7%, priced at $1,986.25, while palladium rose by 2.1% to $1,516.44. The shifts in precious metal prices reflect broader market reactions to currency fluctuations and geopolitical developments.