Gold and Silver Prices Soar Amid Iran Peace Deal Optimism

Gold and silver prices have surged in India this week, driven by optimism over a potential peace deal. On the Multi Commodity Exchange (MCX), gold futures for October delivery rose Rs 866 to Rs 1,49,724 per 10 grams, while MCX silver futures for September delivery increased by Rs 2,864 to Rs 2,28,700 per kg.

The gains come despite easing oil prices, which tend to reduce expectations of higher interest rates. However, gold is often seen as a hedge against inflation, and higher interest rates typically weigh on demand due to its lack of yield.

Manoj Kumar Jain of Prithvi Finmart said his firm had recommended buying gold above Rs 1,49,000 in its previous report and advised traders holding long positions to book profits ahead of the U.S. jobs data.