US Dollar Falls, Gold Surges as Regional Hostilities Abate
The dollar dropped roughly 1% versus the euro and 1.1% against the British pound, with the USD/EUR exchange rate standing at 0.85 and USD/GBP at 0.72 as of 0645GMT.
Precious metals rallied in response. Gold prices jumped about 2.7% to $4,830 per ounce, while silver rose 6.33% to $77.5 per ounce.
The market reaction followed a diplomatic initiative by Pakistani Prime Minister Shehbaz Sharif, who proposed a two-week ceasefire between Iran and the US. President Trump confirmed his support, saying, "to suspend the bombing and attack of Iran for a period of two weeks."
Sharif also extended an invitation to Iranian and US delegations to meet in Islamabad on Friday. He stated that "Washington and Tehran, along with their allies, have agreed to an immediate ceasefire across all conflict zones."
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