Gold and Silver Prices Surge as Safe-Haven Appeal Intensifies
The price of gold and silver surged on August 7 due to their safe-haven appeal. International spot gold rose by 0.41% to $4,317.40 per ounce, while silver increased by 1.50% to $62.53 per ounce during morning trade on the Comex.
The rally was supported by a weaker US dollar and growing optimism surrounding a potential US-Iran nuclear agreement. However, markets remain uncertain about the outcome of the negotiations, with volatility expected to persist until further clarity is obtained.
Investors will closely monitor the release of US Non-Farm Payrolls (NFP) and Unemployment data on Friday, as these releases will play a crucial role in shaping expectations for the Federal Reserve's interest rate outlook. Technical analysts are predicting that MCX Gold will trade in the Rs 1,47,000 to Rs 1,52,000 range over the near term.