Gold futures ended higher on Wednesday, supported by a decline in crude oil prices after Washington and Tehran agreed to a two-week truce, easing inflation concerns. Additional support came from a weaker U.S. dollar against a basket of major currencies. Weaker dollar makes gold cheaper for foreign buyers, boosting demand.
Gold futures for June delivery soared by $92.5 or 1.97% to $4,777.20 an ounce on the Comex division of the New York Mercantile. Spot gold down by $4.95 or 0.10% to $4,714.85 an ounce.
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