Gold Jumps to Record ₹2,000+ as US-Iran Tensions Fuel Safe-Haven Demand
Gold and silver prices rose sharply on August 5 in domestic futures markets, extending their gains for the second straight session.
The Multi Commodity Exchange (MCX) saw gold futures for the October contract jump ₹2,165, or 1.5%, to ₹1.46 lakh per 10 grams, while silver futures for September delivery gained ₹4,320, or 1.95%, to ₹2.25 lakh per kg.
Analysts attributed the rally to increased demand for precious metals amid geopolitical developments, a softer US dollar, and changing expectations around global monetary policy.
Gaurav Garg, Head of Research at Lemonn Markets Desk, said, 'Gold extended their gains for the second straight session as investors increased safe-haven buying following renewed geopolitical uncertainty and a weaker US dollar.'