ISTANBUL

Spot gold rose more than 1% to exceed $4,700 per ounce on early Wednesday, following US President Donald Trump's signal for ending the Iran war soon.

Speaking after a presidential decree signing ceremony at the White House, Trump said that American forces will leave Iran within two to three weeks, signaling an end to ongoing attacks against the country.

"All I have to do is leave Iran, and we’ll be doing that very soon, we'll be leaving very soon" Trump said, adding that it will happen in "maybe two weeks, maybe three."

Gold prices saw an increase 1.08% as of 0720GMT to $4,720 per ounce, following another increase of 2% on Tuesday.

Last week, the price of gold saw its biggest weekly drop since 1983, losing more than 10%.