Gold prices surged by 1.4% in Wednesday trading, reaching $4,733 per ounce, driven by the decline of the U.S. dollar index below the 100-point level.

The increase comes as investors shift toward safe-haven assets amid escalating tensions linked to the war on Iran.

Statements by U.S. President Donald Trump suggesting the war may end soon also supported gains in the precious metal, amid volatility in energy markets and rising global inflation rates.