Gold Prices Surge Globally Following US-Iran Understanding Announcement to End War

Gold prices saw a significant jump on Monday, rising over 3 percent to $4370 per ounce, following the announcement of a US-Iranian understanding aimed at ending hostilities. The precious metal reached $4370 per ounce by 14:00 GMT, marking an increase of approximately 3.1 percent, according to market trading data. This surge comes as markets anticipate a breakthrough after the US-Iran agreement, following sharp volatility. Global markets are expected to find relief after major disruptions from the US-Israeli conflict against Iran, which contributed to rising oil prices and global inflation. On Sunday evening, Washington and Tehran announced a Pakistani-brokered agreement. It calls for ending military operations on all fronts, including Lebanon, reopening the Strait of Hormuz, and lifting the naval blockade on Iran, with its official signing set for next Friday in Switzerland.