Gold Prices Soar as Trump Holds Off on Iran Attack
Gold prices rose on Monday as oil prices plummeted after US President Donald Trump announced he would hold off on attacking Iran in favor of a swift deal. This decision eased concerns about inflation and higher interest rates, which had been weighing on gold's appeal.
The price of spot gold increased by 0.7% to $4,067.06 per ounce, while US gold futures rose 0.9% to $4,065.60.
Trump stated that Iran and other Middle Eastern countries had asked for time to complete a deal that would lead to the immediate reopening of the Strait of Hormuz and an end to Iran's nuclear threat.