ISLAMABAD: Gold prices in the global market rose 2 percent on Wednesday, largely due to the weakness of the US dollar and hopes for a possible peace deal between the US and Iran.
Spot gold rose 2 percent to $4,647.09 an ounce, while US gold futures also rose to $4,658. US President Donald Trump has said that the ongoing operation to protect ships in the Strait of Hormuz has been temporarily suspended, as progress is being made in a possible deal with Iran.
According to experts, falling oil prices and easing tensions in the region have supported gold prices, while the weakness of the US dollar has also further strengthened it.
US Secretary of State Marco Rubio said that “Operation Epic Fury” has ended, and efforts are being made to avoid further tensions.
Experts say gold prices could fluctuate if tensions in the region escalate again, while investors are also keeping an eye on US employment data due this week, which could influence the Federal Reserve’s future policy. Among other precious metals, silver rose 3.4 percent, platinum 2.4 percent, and palladium 2.6 percent.
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