Gold Prices Soar on Optimism Over US-Iran Peace Agreement

Gold prices surged on Wednesday, August 5, reaching a one-month high due to growing optimism over a potential US-Iran peace agreement. The safe-haven metal saw increased demand as investors sought refuge in assets perceived as less risky.

Spot gold rose by 2.2% to $4,164.13 per ounce, its highest level since July 7. US gold futures also gained ground, increasing by 1.7% to $4,223.60 per ounce.

In Egypt, the price of 24-karat gold was priced at EGP 6,791.79 for purchase and EGP 6,707.25 for sale, according to Dahab Masr data. The 21-karat gold price in Egypt reached EGP 5,943.41 for buying and EGP 5,869.43 for selling.