ISLAMABAD: Gold prices rose by more than 1 percent in the global market on Monday after a temporary easing of tensions between the US and Iran.
Spot gold prices rose 1.4 percent to $4,110.56 per ounce, while US gold futures rose 1 percent to $4,112.10 per ounce.
On the other hand, the US dollar index fell 0.3 percent, making gold relatively cheaper for investors holding other currencies.
Unlike gold, among other precious metals, silver prices rose 2.8 percent to $59.81, platinum rose 2.6 percent to $1,629.15, while palladium rose 2.1 percent to $1,269.43 per ounce.
On the other hand, crude oil prices have declined in the global market. The price of US West Texas Intermediate (WTI) fell by more than 4 percent, taking it to around $84 per barrel, the biggest daily drop in recent times.
Similarly, the price of British Brent crude oil, considered the global benchmark, also fell by 4.86 percent to $92 per barrel.
On the other hand, the price of Murban crude oil from the United Arab Emirates fell the most. Murban oil fell by 9.44 percent to $97 per barrel, marking a significant change in the Gulf market.
