Commodities
US-Iran Ceasefire Sends Gold Prices Soaring
A surprise ceasefire agreement between the US and Iran has sent shockwaves through global markets. The Islamabad Accord, mediated by Pakistan, extends the ceasefire and balances geopolitical risks. Spot gold surged to $4,413 as of 12:35, while oil prices fell to $88.57.
The decision comes ahead of critical US CPI data, which could have significant implications for market trends. Gold prices had been under pressure in recent weeks, but the ceasefire news has given the metal a boost.
Pakistan's Ministry of Foreign Affairs stated that they are making every effort to bring the parties to the negotiation table and resolve the tension in the Middle East.