Gulf markets recover after gold rout, buoyed by Iran de-escalation hopes
Saudi Arabia’s benchmark stock index, TASI, rose 1.4%, a day after falling the most in nearly 10 months amid a broad sell-off in the commodities market.
Gulf markets closed higher Monday, buoyed by the United States signaling de-escalation with Iran, despite a slump in precious metals that has rattled global markets.
Saudi Arabia’s benchmark stock index, TASI, rose 1.4%, a day after falling the most in nearly 10 months amid a broad selloff in the commodities market.
Dubai’s main share index, meanwhile, increased 2.1%, and Abu Dhabi’s index added 0.6%. Qatar’s index gained 0.6%.
The United States has been building up its naval assets in the Middle East and has threatened to attack Iran after Tehran’s brutal crackdown on anti-government protests killed thousands. Washington has said it is open to a deal with Iran that would require Tehran to dismantle its nuclear program.
