ISTANBUL

The price of gold rebounded to $4,400, after decreasing to $4,100 earlier on Monday as US President Donald Trump signaled a pause in strikes targeting Iran's power plants.

The price of gold is at around $4,410 per ounce as of 1150GMT, still down 2.3% from Friday's close.

Trump, on Monday, said he has ordered a five-day postponement of all strikes on Iranian power plants and energy infrastructure, citing “very good and productive” talks with Tehran over the past two days.

“I am pleased to report that the United States of America and the country of Iran have had, over the last two days, very good and productive conversations regarding a complete and total resolution of our hostilities in the Middle East,” Trump said on his social media platform Truth Social.

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

The price of silver per ounce also saw a recovery from $62.2 to $67.7.