Sudden Halt to Attacks, Gold Prices Immediately React!
Gold prices rose sharply on Monday (July 27th) after the United States and Iran halted attacks over the weekend. Spot gold rose 1.1% to US$4,116.03 per troy ounce.
Gold's rise came after a lull in fighting eased concerns about oil supply and inflation. The United States halted attacks that had lasted nearly two weeks, while Iran signaled it would hold back retaliatory strikes.
Iran also held talks with Oman to discuss shipping through the Strait of Hormuz. This news caused Brent oil prices to plunge more than 7% to below US$90 per barrel.
Despite the calming situation, the Houthi group claimed attacks on Saudi Aramco-related facilities in Jizan and Yanbu. This situation means the risk of conflict has not completely disappeared, and the market remains cautious.
Gold prices have remained around US$4,000 since the end of June, which is considered a key support level. Silver also jumped 2.7% to US$59.72, while a 0.2% weakening of the dollar helped the precious metal strengthen. (asd)
Source: Newsmaker.id