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Gold Surpasses USD4,700
(MENAFN) Spot gold surged over 1% on early Wednesday, climbing past $4,700 per ounce, after US President Donald Trump hinted at a near conclusion to the war in Iran.
Addressing the press after signing a presidential decree at the White House, Trump mentioned that American troops would withdraw from Iran within a two-to-three-week timeframe, suggesting a halt to ongoing military actions in the region.
"All I have to do is leave Iran, and we’ll be doing that very soon, we'll be leaving very soon," Trump remarked, adding that the withdrawal could occur in "maybe two weeks, maybe three."
Gold prices rose 1.08% to $4,720 per ounce as of 0720GMT, following a prior 2% gain on Tuesday.
However, the previous week had seen gold experience its most significant weekly decline since 1983, dropping more than 10%.
Addressing the press after signing a presidential decree at the White House, Trump mentioned that American troops would withdraw from Iran within a two-to-three-week timeframe, suggesting a halt to ongoing military actions in the region.
"All I have to do is leave Iran, and we’ll be doing that very soon, we'll be leaving very soon," Trump remarked, adding that the withdrawal could occur in "maybe two weeks, maybe three."
Gold prices rose 1.08% to $4,720 per ounce as of 0720GMT, following a prior 2% gain on Tuesday.
However, the previous week had seen gold experience its most significant weekly decline since 1983, dropping more than 10%.
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