Gold Surges as Trump Hints at Ceasefire with Iran

Gold prices surged on Monday after US President Donald Trump announced he would hold off on a fresh attack on Iran, easing concerns about inflation and higher interest rates.

The spot price of gold rose by 0.7% to $4,067.06 per ounce, while US gold futures increased by 0.9% to $4,065.60.

Trump's statement came after he said that Iran and other Middle Eastern countries had asked for time to complete a deal that would lead to the 'Immediate, Complete and Total' reopening of the Strait of Hormuz and an end to Iran's nuclear threat.

Oil prices plummeted by more than $5 a barrel at Monday's open, further contributing to gold's rise.