Gold prices rose by over 2% as oil prices decreased, easing inflation fears. This comes amid reports that Washington is working on a proposal to end the Middle East conflict. U.S. President Donald Trump stated that the two countries are in negotiations and suggested Tehran is eager to make a peace deal. Despite this, oil prices also fell, with Brent crude futures dropping around 6% to $98.31 per barrel and West Texas Intermediate futures also dropping roughly 5%. Goldman Sachs attributed the recent decline to higher interest rate expectations and market volatility as key drivers. However, the bank maintains a structurally bullish outlook, predicting gold to reach $5,400 by year-end.