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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May 01, 2026 15:54 ET Central banks dominated the economics news flow this week with almost all major ones announcing their latest policy decisions and many boosted expectations for a rate hike in June. In other news, several countries released the preliminary data for first quarter economic growth. In the U.S., comments by Fed Chair Jerome Powell were also in focus as his term ends this month.