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Commodities

Gold Price Soars on Reduced Rate Hike Bets and Rangebound Oil

Guavy AI Editorial Team
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The outlook for gold is positive in the short term due to reduced rate hike possibilities and soft US data, according to Praveen Singh, Head Currencies and Commodities at Mirae Asset ShareKhan.

Gold prices have been on a winning streak, extending their weekly gain to two consecutive weeks. The spot price has reached $4421, up nearly 1% for the day.

The US-Iran ceasefire MoU is set to expire on August 17, and Iran's defensive posture will shift to an offensive one under its new 'maximum deterrence' policy.

Brent crude oil prices have been rangebound, closing with a weekly gain of 6% at $88.60 in the week ending August 14.

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