Gold prices rose on Wednesday as falling oil prices eased concerns about ongoing inflation, following reports that Washington is working on a proposal to resolve the Middle East conflict.

On Wednesday, gold prices soared, surpassing $2,800 per troy ounce for the first time in history, News.Az reports, citing trading data.

Gold prices reached historic highs on August 1, breaking the $2,500 mark on the New York Comex exchange. The precious metal reached a price of $2,502.6 for the first time in its history, influenced by the U.S. Federal Reserve’s decision to leave interest rates unchanged, geopolitical risks, and the constant demand from central banks.