Gold Prices Soar on MCX Amid US-Iran Tensions

Gold prices on MCX rose by 0.79% to Rs. 1,49,999 per 10 grams due to ongoing geopolitical uncertainty between the US and Iran. The price of Brent crude futures also increased by 0.45% to USD 103 per barrel.

The increase in gold prices is attributed to the ongoing tensions between the two countries, which has led to a surge in demand for safe-haven assets like gold.

In contrast, US gold prices were headed for a monthly loss as expectations of higher interest rates weighed on sentiment. Spot gold fell 0.03% to USD 4,181.03 per ounce, while spot silver fell 0.50% to USD 61.17 per ounce.