Gold and Silver Prices Soar on US-Iran Agreement Hopes
Gold and silver prices surged on August 6 as investors remained optimistic about a possible US-Iran agreement. The rally came despite reports suggesting that the Strait of Hormuz could reopen and comments from US President Donald Trump indicating that Washington was seeking an agreement with Iran.
The gains were led by gold, which climbed to its highest level in seven weeks due to softer US Treasury yields, strengthening demand for safe-haven assets. On the Multi Commodity Exchange (MCX), gold futures for October 5 delivery opened 0.36 per cent higher at Rs 1,49,029 per 10 grams.
Silver also attracted buying interest during the early session, with MCX September 4 futures climbing to an intraday high of Rs 2,28,397 per kg. However, silver pared its gains and was trading at Rs 2,26,580 by 12:10 pm.
Market experts attributed the rally to hopes of easing tensions between the US and Iran, which have raised expectations of lower crude oil prices and reduced inflation concerns. This has supported bullion prices as investors seek safe-haven assets.