Gold Prices Soar Above ₹1,43,700 as US-Iran Tensions Ease Inflation Worries

The global economic environment has sparked renewed interest in gold and silver investments, causing their prices to rise. On August 3, 2026, the Multi Commodity Exchange (MCX) saw gold trade above ₹1,43,700 per 10 grams, while silver jumped more than 1% and closed above ₹2,18,000 per kilogram.

The increase in gold prices was largely due to the weakness of the US dollar and a decline in crude oil prices. The diplomatic efforts initiated between the US and Iran have eased inflation worries, leading investors to focus on US labor market data and interest rate forecasts from the Federal Reserve.

Although there is a 68% likelihood that the Fed will increase interest rates by 25 basis points in September, this anticipation has not significantly impacted gold prices. In fact, spot gold remained above $4,060 per ounce, while MCX Gold made an intraday high of ₹1,43,924.