Bullion Prices Inch Higher Amid Calm US-Iran Tensions

Bullion prices rose marginally on August 4 as markets assessed US-Iran tensions remaining calm. This kept both oil prices and the US dollar under pressure.

International spot gold inched up 0.47 percent to $4,109.90 per ounce, while silver surged 1.84 percent to $58.92 per ounce during morning trade on Comex.

The futures gold for the October contract traded with a 0.34 percent increase to Rs 1,43,397 per 10 grams, and silver futures for the September contract surged 1.12 percent to Rs 2,19,180 per kilogram from their previous close.

Jateen Trivedi, VP Research Analyst - Commodity and Currency at LKP Securities, said that going forward the market's focus will remain on the Federal Reserve's policy outlook, which continues to be the key driver for bullion prices. Investors will also closely track this week's US employment data.