Gold Prices Soar as US-Iran Tensions Remain Calm

The price of gold and silver surged on August 5 as markets breathed a sigh of relief over calm US-Iran tensions. The calmness in the region kept oil prices and the US dollar under pressure, leading to higher demand for safe-haven assets like gold.

International spot gold rose 0.59% to $4,177.30 per ounce, while silver surged 0.84% to $60.75 per ounce on the Comex. Domestic gold futures traded 0.78% higher at Rs 1,45,424 per 10 grams, and silver futures for the September contract rose 1.05% to Rs 2,23,949 per kilogram.

Market participants are now focusing on the upcoming US non-farm payrolls and unemployment rate, which could significantly influence the Federal Reserve's interest rate outlook and the direction of the US dollar.