Gold and Silver Prices Rise After US-Iran Preliminary Peace Agreement
Gold and silver prices surged globally following a preliminary peace agreement between the US and Iran aimed at ending their conflict, lifting the US blockade, and reopening the Strait of Hormuz. This development weakened the US dollar and pushed oil prices down over 4%, easing inflation and interest rate hike concerns. The deal, expected to be signed in Switzerland on Friday, has boosted bullion demand, with gold reaching its highest level since June 9 and silver also gaining significantly on international and Indian markets.