According to a Bloomberg report, gold prices surged sharply after U.S. President Donald Trump announced that planned strikes against the Iranian government had been postponed and that efforts toward a potential agreement to end the war were underway.
The report states that the price of gold rose by as much as 3.6% at one point and closed the session up 3.4% at $4,212.26 per ounce. This marks the largest single-day increase in more than two months.
Bloomberg also notes that a decline in the U.S. dollar and lower yields on U.S. Treasury securities played an important role in driving gold prices higher.
Trump said that negotiations to end the war had reached the level of senior Iranian officials and that a deal could potentially be signed in Europe by the end of this week.
However, Iran’s state-run Fars News Agency reported, citing a knowledgeable source, that no text of any potential agreement with the United States has yet been approved by Islamic Republic officials.
Writer:Saeed Sameer
