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Gold Prices Exceed USD4,700
(MENAFN) Spot gold climbed more than 1% beyond the $4,700-per-ounce threshold in early Wednesday trading after US President Donald Trump signaled an imminent withdrawal from Iran, raising hopes of a near-term end to the ongoing military campaign.
Addressing reporters following a presidential decree signing ceremony at the White House, Trump indicated that American forces would depart Iran within the next two to three weeks — effectively telegraphing a halt to continued strikes against the country.
"All I have to do is leave Iran, and we'll be doing that very soon, we'll be leaving very soon," Trump said, putting the timeline at "maybe two weeks, maybe three."
By 0720 GMT, gold had gained 1.08% to reach $4,720 per ounce, extending a rebound that had already seen the precious metal climb 2% in Tuesday's session.
The rally marks a sharp reversal from last week's historic selloff, during which gold suffered its steepest weekly decline since 1983 — shedding more than 10% of its value in a single week.
Analysts are closely watching whether Trump's remarks translate into concrete military de-escalation, as any confirmed withdrawal from Iran could further fuel safe-haven demand and sustain gold's upward momentum in the sessions ahead.
Addressing reporters following a presidential decree signing ceremony at the White House, Trump indicated that American forces would depart Iran within the next two to three weeks — effectively telegraphing a halt to continued strikes against the country.
"All I have to do is leave Iran, and we'll be doing that very soon, we'll be leaving very soon," Trump said, putting the timeline at "maybe two weeks, maybe three."
By 0720 GMT, gold had gained 1.08% to reach $4,720 per ounce, extending a rebound that had already seen the precious metal climb 2% in Tuesday's session.
The rally marks a sharp reversal from last week's historic selloff, during which gold suffered its steepest weekly decline since 1983 — shedding more than 10% of its value in a single week.
Analysts are closely watching whether Trump's remarks translate into concrete military de-escalation, as any confirmed withdrawal from Iran could further fuel safe-haven demand and sustain gold's upward momentum in the sessions ahead.
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