Ammon News - Gold rose ​more than 2% on Wednesday, buoyed by a softer dollar, while a ‌drop in oil prices eased concerns about elevated inflation and higher global interest rates, amid reports of a U.S. plan to end the Middle East war.

Spot gold rose 2.2% to $4,570.74 per ounce by 0450 GMT. U.S. ​gold futures for April delivery gained 3.8% to $4,569.10.

The dollar eased, making greenback-priced bullion ​cheaper for holders of other currencies.

Oil prices fell below $100 a ​barrel, easing inflation concerns, on the prospect of a possible ceasefire easing supply disruptions from the key ‌Middle ⁠East producing region.

U.S. President Donald Trump said on Tuesday the U.S. was making progress in its efforts to negotiate an end to war with Iran, including winning an important concession from Tehran, while a source confirmed that Washington had sent Iran a 15-point settlement proposal.

Spot silver rose 3.1% to $73.42 per ounce. Spot platinum gained 1.8% to $1,969.64 and palladium was ​up 1.2% at $1,457.07.

Reuters