Gold Hits Seven-Week High as Safe-Haven Demand Surges

Gold prices surged to a seven-week high on Thursday as lower US Treasury yields boosted safe-haven demand, despite optimism over a possible US-Iran agreement.

The MCX gold futures (October 5) opened 0.36% higher at Rs 1,49,029 per 10 grams and touched an intraday high of Rs 1,49,700, up 0.81% or Rs 1,207 from the previous close.

Market experts attributed the increase to expectations that easing tensions in the region could lead to lower crude oil prices, reducing concerns over inflation and near-term US monetary tightening.

In the international market, COMEX gold was trading 0.36% higher at $4,320 per ounce, while COMEX silver was up 0.12% at $62.36 per ounce.