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Gold Surges Above USD4,700
(MENAFN) Spot gold climbed over 1% early Wednesday, surpassing $4,700 per ounce, after US President Donald Trump indicated a potential end to military operations in Iran.
Speaking at the White House following a presidential decree signing ceremony, Trump stated that American troops would depart Iran within "two to three weeks," suggesting an imminent halt to ongoing assaults 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 "maybe two weeks, maybe three."
Gold prices responded with a 1.08% rise by 0720GMT, reaching $4,720 per ounce, building on a 2% increase recorded on Tuesday.
However, the precious metal had experienced its sharpest weekly decline since 1983 last week, dropping more than 10%, according to news agency reports.
Speaking at the White House following a presidential decree signing ceremony, Trump stated that American troops would depart Iran within "two to three weeks," suggesting an imminent halt to ongoing assaults 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 "maybe two weeks, maybe three."
Gold prices responded with a 1.08% rise by 0720GMT, reaching $4,720 per ounce, building on a 2% increase recorded on Tuesday.
However, the precious metal had experienced its sharpest weekly decline since 1983 last week, dropping more than 10%, according to news agency reports.
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