Gold Prices Rise Amid US-Iran War, Oil Price Volatility

Bullion prices surged on July 27 due to the ongoing US-Iran war, which has kept oil prices elevated. International spot gold rose 0.78% to $4,102.60 per ounce, while silver increased by 1.55% to $59.82 per ounce during morning trade on Comex.

The domestic MCX spot gold closed the July 24 session at Rs 1,43,238 per 10 grams, with futures gold for the August contract rising by 0.17% to Rs 1,43,066 per 10 grams. Silver futures for the September contract inched up 1.33% to Rs 2,22,301 per kilogram from their previous close.

Market sentiment will continue to be driven by developments in the US-Iran geopolitical situation, crude oil prices, and inflation expectations ahead of the US Federal Reserve's policy decision on July 29. The impact of these factors on gold prices remains uncertain.