Gold Prices Surge Amid Trump's Iran Sanctions

Global gold prices have surged to their highest level in over three months following Donald Trump's new economic sanctions against Iran. The announcement by the US Treasury has led to a rise in spot gold, with prices increasing by 0.6% to $4,677.19 per ounce.

The move is seen as an attempt to isolate Iran's economy, and the US has urged other nations to impose similar sanctions. The Trump administration warned that Washington could take action against non-cooperating countries.

The rise in gold prices has been assisted by a weaker US dollar and the US Treasury's bond buyback plans, which have reined in yields on bonds. United Overseas Bank forecasts that gold will post its strongest monthly gain since September 1999.