Gold and Silver Prices Soar Amid Geopolitical Tensions

Gold and silver prices surged on September 8 due to renewed geopolitical tensions in West Asia and a weaker US dollar. The rising uncertainty drove investors to seek protection by buying precious metals.

On the Multi Commodity Exchange (MCX), gold futures for October delivery rose Rs 704, or 0.46 per cent, to Rs 1,53,522 per 10 grams. Gold prices in India's retail market also climbed 0.52 per cent, or Rs 790, to around Rs 1,54,080 per 10 grams at 9:10 am on Tuesday.

The weaker US dollar made gold more attractive to international investors as it makes the greenback-priced metal relatively cheaper for buyers holding other currencies. The Strait of Hormuz, a key energy supply route, remained a concern due to military clashes involving the US and Iran.