Gold prices rose 2% 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 U.S.-Iran peace deal.
Spot gold was up 2% at $4,647.09 per ounce, as of 0415 GMT. U.S. gold futures for June delivery rose 2% to $4,658.
Gold stocks jumped in Hong Kong. Chifeng Gold rose 9%; Lingbao Gold rose 8%; Zijin Gold International and SD Gold rose 7%; China Gold International rose 5%; Zijin Mining, Tongguan Gold, and Zhaojin Mining rose 4%; Laopu Gold rose 3%.
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