Gold and Silver Plunge Globally as Trump’s Iran Strategy Bolsters Dollar and Crude Oil
Global precious metals faced a sharp sell-off during Thursday’s sessions, driven by a resurgent US Dollar and shifting geopolitical expectations. According to the "Gold Monitor" for Economic Studies, the downturn followed statements by US President Donald Trump regarding continued military operations in Iran. These developments triggered a spike in crude oil prices, effectively dampening market hopes for imminent interest rate cuts by the Federal Reserve.
In the international spot market, Gold fell by $135 to reach $4,755 per ounce, while Silver dropped by $4 to settle at $71 per ounce. Dr. Walid Farouk, Director of the Gold Monitor, noted that the strengthening dollar has temporarily overshadowed gold’s traditional role as a safe-haven asset. Locally in Egypt, gold prices mirrored this global retreat, with 21-karat gold dropping by 45 EGP to trade at 7,200 EGP per gram, amid a relatively stable domestic exchange rate environment.