Gold Price Plunges Following Middle East Ceasefire
(MENAFN) The price of gold plunged roughly 1.5% on Tuesday as tensions in the Middle East began to ease, bringing some relief to investors.
By 1000 GMT, the cost per ounce of gold had fallen 1.46% to $3,318.60 following the announcement of a ceasefire between Iran and Israel.
US President Donald Trump confirmed early Tuesday that a ceasefire had been reached between the two nations.
The conflict ignited on June 13, when Israeli forces launched attacks on Iranian military and nuclear facilities. Iran responded by deploying hundreds of missiles and drones against Israel.
The United States also became involved, striking nuclear sites in Iran amid the escalating hostilities.
On Monday, Iran retaliated by launching a missile barrage targeting the US military’s Al Udeid Air Base in Qatar.
Throughout the conflict, commodity prices, especially for oil and gold, soared amid the uncertainty and unrest.
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