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Gold Prices Soar as Trump Holds Off on Iran Attack

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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.

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