Gold Prices Soar Amid Escalating Tensions with Iran
The price of Gold held steady on Tuesday after peaking at a new 15-week high, despite a decline in crude oil prices. The metal is still on track for a historic monthly jump, with a possible rise of 14.6% by the end of August.
This comes as US Treasury Secretary Scott Bessent announced Operation Economic Outcast, an economic campaign against Iran and its enablers. President Trump described Iran as 'completely collapsing', but an IRGC spokesman responded that if they had won militarily, there would be no need for an economic war.
China's official media questioned the effectiveness of US sanctions, with China Daily calling it a 'comic' and 'tragic' attempt to win an economic siege. Diplomats in Pakistan sounded a positive note about efforts to end the stalemate between the US and Iran.