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Gold Prices See Sharp Increase
(MENAFN) Precious metals staged a dramatic comeback Tuesday as Gold prices climbed sharply following days of intense selling that rattled global financial markets and sent investors scrambling for safe-haven assets.
Spot gold surged more than 5.7% as of 0755GMT, climbing to $4,926.4 per ounce in a powerful rebound after experiencing steep losses during Friday and Monday's trading sessions that eroded investor confidence.
The precious metal had plunged below the critical $4,500 threshold on Monday after US President Donald Trump revealed his selection of former Federal Reserve governor Kevin Warsh as his chosen nominee to lead the central bank as the next Fed chair, triggering widespread market volatility.
Meanwhile, silver prices similarly recovered their footing, jumping 9.3% to reach $86.6 per ounce as precious metals broadly attracted renewed buying interest from traders seeking stability amid economic uncertainty and geopolitical tensions that continue weighing on traditional equity markets.
The sharp rebound signals renewed appetite for precious metals as safe-haven investments during periods of market turbulence and political uncertainty.
Spot gold surged more than 5.7% as of 0755GMT, climbing to $4,926.4 per ounce in a powerful rebound after experiencing steep losses during Friday and Monday's trading sessions that eroded investor confidence.
The precious metal had plunged below the critical $4,500 threshold on Monday after US President Donald Trump revealed his selection of former Federal Reserve governor Kevin Warsh as his chosen nominee to lead the central bank as the next Fed chair, triggering widespread market volatility.
Meanwhile, silver prices similarly recovered their footing, jumping 9.3% to reach $86.6 per ounce as precious metals broadly attracted renewed buying interest from traders seeking stability amid economic uncertainty and geopolitical tensions that continue weighing on traditional equity markets.
The sharp rebound signals renewed appetite for precious metals as safe-haven investments during periods of market turbulence and political uncertainty.
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