Gold and Silver Prices Surge Amid Eased US-Iran Tensions and Lower Crude Oil Costs

Comex gold and silver prices rose on July 27 as US-Iran tensions eased and crude oil costs decreased ahead of the Federal Reserve's meeting. Gold climbed $49 to $4,119 per troy ounce, while silver increased by $1.50 to $60.39.

The near-month MCX gold futures contract jumped ₹1,124 per 10 grams to an intraday high of ₹1,44,230 in the domestic market, extending its winning streak to a second session. Meanwhile, MCX silver futures surged ₹3,083 per kg to an intraday high of ₹2,25,221.

The pause in hostilities in the Middle East led to a decline in crude oil prices, with Brent crude futures falling nearly 10% intraday after the US halted its attacks on Iran for a third consecutive day. The developments revived expectations of renewed negotiations on an interim ceasefire agreement.