Gold Price Falls as Conflict De-escalates
(MENAFN) The cost of gold fell by nearly 1.5 percent on Tuesday, as political unrest in the Middle East began to calm.
By 1000GMT, the value of an ounce of gold declined by 1.46 percent, reaching USD3,318.60, shortly after a ceasefire was declared between Iran and Israel.
US President Donald Trump announced early Tuesday a ceasefire between Iran and Israel.
The conflict had escalated on June 13 when Israeli attacks began hitting Iranian military and nuclear facilities.
In response, Iran launched hundreds of drones and missiles at Israel.
As tensions mounted, the United States also became involved, conducting airstrikes on Iran’s nuclear infrastructure.
In a further escalation, Iran fired a wave of missiles at the US military’s Al Udeid Air Base in Qatar on Monday.
Throughout this period of confrontation, the prices of raw materials, especially crude oil and gold, experienced a sharp surge.
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