Gold prices witnessed a significant rise during Asian trading on Wednesday, recording their highest levels in three weeks. This rise was mainly due to the weakness of the US dollar after President Donald Trump agreed to a two-week truce with Iran, which prevented strikes on civilian infrastructure in the region.
By 04:38 am, the spot gold price rose by 2.5% to reach “$4821.48 per ounce”, its highest level since “March 19”. US gold futures also rose by a similar rate of 2.5%, reaching “$4,849.25 per ounce.”
The rise was not limited to gold alone, but extended to include other precious metals. Silver increased by 4.7% to reach $76.44 per ounce, while platinum rose by 2.5% to reach $2030.60 per ounce.
This rise in prices comes after Trump announced on social media that he was suspending military operations against Iran for two weeks, stressing that the United States had achieved its “basic military goals.”
