Gold prices experienced a significant drop, tumbling over 3%, on reports of a ceasefire agreement between Israel and Hezbollah. This along with the recent selection of a new US Treasury pick has added to the volatility of the market.
Investors typically view gold as a safe haven asset in times of political or economic uncertainty. However, the recent announcements have led to a reduction in these uncertainties, resulting in the substantial drop in gold prices. This news comes from a report on Reuters.
The ceasefire agreement between Israel and Hezbollah has brought a halt to one of the major sources of tension in the Middle East, while the new US Treasury pick is expected to maintain a steady course for the US economy. Both of these factors have played a big role in the latest shift in gold prices. ** Read More
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