Gold prices witnessed a notable local increase of 2.60 dinars per gram.

Gold rose to its highest level in nearly three wee.

Gold prices saw a significant surge on Wednesday after U.S. President Donald Trump announced his approval to suspend bombing and attacks on Iran for two weeks, easing fears of inflation linked to rising energy prices.

Gold prices in the local market increased by 2.60 dinars per gram, according to the daily pricing issued by the General Syndicate of Owners of Jewelry and Goldsmith Shops, amid ongoing volatility in global markets.

Gold prices witnessed a notable local increase of 2.60 dinars per gram. Gold rose to its highest level in nearly three weeks.

Gold prices saw a significant surge on Wednesday after U.S. President Donald Trump announced his approval to suspend bombing and attacks on Iran for two weeks, easing fears of inflation linked to rising energy prices.

Gold prices in the local market increased by 2.60 dinars per gram, according to the daily pricing issued by the General Syndicate of Owners of Jewelry and Goldsmith Shops, amid ongoing volatility in global markets.

According to the pricing, the selling price of one gram of 21-karat gold—the most in demand in the local market—reached about 97.90 dinars for retail sales, compared to 93.50 dinars for buying. Other karats recorded varying prices, with 24-karat gold at around 112 dinars, 18-karat at about 86.60 dinars, and 14-karat at around 67.80 dinars.

Rise to the highest level in nearly 3 weeks On the global level, gold climbed to its highest level in nearly three weeks, as investors reassessed short-term risks following the U.S. announcement, which eased geopolitical tensions and reduced concerns related to rising energy prices.

By 07:26 GMT, spot gold rose by 2.5% to $4,819.52 per ounce, after jumping earlier in the session by more than 3%, reaching its highest level since March 19. U.S. gold futures for June delivery also rose by 3.4% to $4,845.30.

Two-week truce This shift came after Trump’s statements confirming Washington’s approval to suspend attacks for two weeks, alongside receiving a ten-point proposal from the Iranian side, which he described as a practical basis for future negotiations.

The announcement came just before the expiration of a deadline set by the U.S. administration for Iran, related to reopening the Strait of Hormuz or facing a large-scale military action targeting infrastructure.

Gold had started the year with strong performance before declining by more than 8% since the outbreak of the war on February 28, amid sharp fluctuations in global markets.