Rabat / Anadolu

Precious metals prices rose on Tuesday, driven by increased central bank gold purchases and a slight decline in the dollar index, alongside tensions in the Strait of Hormuz.

Gold rose 1.5 percent to $4,077 an ounce in spot transactions by 10:30 GMT.

Silver increased 4.6 percent to $59.7 an ounce.

Gains also included platinum, which rose 2.4 percent to $1,641 an ounce.

The rise in precious metal prices comes amid global market volatility, fears of energy supply disruptions, and rising inflation levels worldwide against the backdrop of renewed military confrontation between the United States and Iran.

Prices were supported by increased central bank gold purchases, recession and inflation fears, as well as a slight decline in the dollar index.

For more than a week, Washington has been launching daily attacks on Iran, and Tehran responds with attacks targeting what it says are US military facilities and equipment in Arab countries, particularly Kuwait, Bahrain, and Jordan.

US President Donald Trump announced on July 8 that the ceasefire stipulated in the memorandum of understanding signed with Iran on June 18 had ended.

Trump's announcement came after Iran targeted three commercial ships in the Strait of Hormuz, as Tehran insists on imposing a mechanism to regulate the passage of ships through the strategic energy and trade corridor, while Washington demands guaranteed freedom and security of navigation in the strait.

The escalation has disrupted navigation through the Strait of Hormuz and threatened air traffic and energy supplies, amid intermittent airspace closures and warnings of targeting US facilities and interests outside the Middle East.